Cash transaction limit
aman (student) (28 Points)
21 March 2017
proposed cash transaction limit of 2,00,000 is for a year or for single transaction,please tell all about it?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161157 Points)
Replied 22 March 2017
Finance Minister Arun Jaitley had in his Budget for 2017-18 proposed to insert Section 269ST in the Income-Tax Act to state that "no person shall receive an amount of Rs 3 lakh or more by way of cash in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person".
The restrictions will not apply to the central government, banking institutions, post office savings, or co-operative bank.
The 3 lakh ceiling on cash transactions from April 1, 2017, proposed in the Union Budget 2017-18, has been revised to 2 lakh, with the government introducing an amendment to this effect in the Finance Bill cleared by the Lok Sabha on Tuesday, 21st March, 2017..
RAKESH BHATT
(9 Points)
Replied 24 March 2017
Sir,
I am confused that ceiling of deposit in bank will be Rs 2 lacs at one time Rs 49000 in savings A/c not more than 990000 and Rs 4990000 in current a/c and this ceiling will be applicable in Term loan and cash credit a/c also. Sir, how schools will operate they receive fees in cash and deposit in their current a/c and if govt pressures that receive fees in cheque or by pos the banks are unable to provide pos how school will manage their funds. Secondly a distributor who is supplying goods through sales invoice to small traders through their sales man and sales man collect cash and party deposit in their current a/c the small traders ranging from 200 to 300 small retailers will we have to maintain single parties a/c please guide
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