regarding the cash transcation
anilsingle (ra) (21 Points)
28 August 2017anilsingle (ra) (21 Points)
28 August 2017
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 28 August 2017
Shashikant Sharma
(Study)
(288 Points)
Replied 28 August 2017
As per sec. 269ST of Income tax Act,
No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of ECS through a bank account:
This section shall not apply to :-
(i) any receipt by—
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(ii) transactions of the nature referred to in section 269SS;.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)