Special Festive Offer: 10% OFF Across All Membership Plans. Subscribe Now!

Cash payment

Save Share

This query is : Open

SUDHAKAR GOYAL (Querist)

20 May 2018 Sir. Iam business man . I have purchased a goods from one registered seller of Rs-150000,180000 and 190000/ on different on .Total goods I purchased from him of Rs-520000/ .Now I want to pay it in cash. I paid him of Rs-10000 per

day for whole amount of Rs-520000/ . Can I do it .

Please reply

RAJA P M

RAJA P M (Expert)

20 May 2018 Yes... You can. Applicability of Section 269ST in different situations If one party sells goods to another of Rs 3,00,000 through different bills and cash is received in a day of Rs. 3,00,000 then section 269ST is violated and penalty under section 271DA of Rs. 3,00,000 is imposed. If one party sells goods to another of Rs. 3 lakh through a single bill and cash is received of Rs. 2,20,000 on different days then section 269ST is violated and penalty under section 271DA of Rs. 2,20,000 is imposed. If one party sells goods to another of Rs. 3.5 lakhs through two bills of Rs. 1.75 lakh each and cash is received on different days in respect of each bill then section 269ST is not violated.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now