cash deposit in bank by customer

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MOHAMMED ASGAR Bhati (Querist)
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18 June 2017 Dear Experts, Please clarify on cash deposited by the customer directly to our bank account will be considered as cash transaction or will consider transaction through bank U/S 269ST. Bank details are with customer for doing RTGS to our account.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 June 2017 It is considered as cash transaction u/s 269ST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2017 RTGS transfer of funds by customer will not be treated as cash deposit. But cash deposit by customer in our bank account will be considered as cash deposit and 269ST penalty applicable.

MOHAMMED ASGAR Bhati

MOHAMMED ASGAR Bhati (Querist)
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18 June 2017 how much penality ??? If a customer deposit cash 100000 in current account against sales.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2017 Equal amount penalty for cash deposit exceeding 2 lacs

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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19 June 2017 Equal to 100% of amt u/s 269ST

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