269 st - please help
This query is : Resolved
15 April 2017
There are two different bills to the same person, one for Rs 150,000 ( bill dated first week of April - Cash received on the same date)
Another bill in the second week of April for Rs 1750,00 to the same person.
Can cash of Rs 175,000 be received from the person or not, as the aggregate receipts exceeds Rs 2 lacs. Will it be violation of Section 269ST.
Please Reply.
Another bill in the second week of April for Rs 1750,00 to the same person.
Can cash of Rs 175,000 be received from the person or not, as the aggregate receipts exceeds Rs 2 lacs. Will it be violation of Section 269ST.
Please Reply.
15 April 2017
In the first place since the two separate bills are issued and cash is received on different days and none of the bill amount is equal to or more than Rs 2 Lakhs section 269ST will not be attracted even if the payments are received from same person. This is because two separate bills are issued which will entail two different transactions and not a single transaction.
However one thing to be noted here is that both these transactions may still be covered under section 269ST under third category i.e. single event/occassion. so if in your case the two bills pertain to a single event/ocassion the same may be covered under third category. For example if an event manager who has been given a contract for managing a marriage, issues separate bills payable on different days and none of them is equal to or more than Rs 2 Lakhs, if it is received from same person it may still be covered being pertaining to single event/occassion i.e. marriage.
However one thing to be noted here is that both these transactions may still be covered under section 269ST under third category i.e. single event/occassion. so if in your case the two bills pertain to a single event/ocassion the same may be covered under third category. For example if an event manager who has been given a contract for managing a marriage, issues separate bills payable on different days and none of them is equal to or more than Rs 2 Lakhs, if it is received from same person it may still be covered being pertaining to single event/occassion i.e. marriage.
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