Rule 114 e for amount received above rs. 200000

Deepak Kumar (Chartered Accoountant) (270 Points)

27 June 2016  

Now Auditor require to report in 3 cd if There is Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature  as per rule 114e. Now my question is that this 2 lac rs. Limit is for one time trasaction or  for whole year transaction.

Exp 

if my client sale 11 transaction & per transaction is 20000Rs. each & received 20000 Rs. cash Every time. In this way he received 220000 in whole year. In this situation is 114E is applicable.