Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160868 Points)
Replied 02 April 2017
" is Cash limit applicable for Company & Firm ?" YES
" 3 Lakh Cash limit would be count for Financial year ?"
2 lakhs limit per day per person per event................. and not per year.
john
(MBA)
(78 Points)
Replied 04 April 2017
Sir,
Is it necessasry to collect PAN from all transaction above 2 Lakhs.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160868 Points)
Replied 04 April 2017
Collecting PAN from the payer will not relieve you from penalty for non-compliance of section 269ST! You will be charged with penalty of equal amount if the section gets violated. So, don't accept any amount of 2 lakhs or more from any single person or on any single event of any day, from 1st April, 2017.
john
(MBA)
(78 Points)
Replied 04 April 2017
Sir,
My question is,if the sale amount agst Invoice 01 is 3 lakhs,cash -1,90,000/- and card 1,10,000/-then the transaction or Invoice is more than 2 Lakhs.In this case,shall we collect KYC and PAN from the customer.
john
(MBA)
(78 Points)
Replied 04 April 2017
Sir,
My question is,if the sale amount agst Invoice 01 is 3 lakhs,cash -1,90,000/- and card 1,10,000/-then the transaction or Invoice is more than 2 Lakhs.In this case,shall we collect KYC and PAN from the customer.
CAclubindia
