Cash receipt in excess of rs. 2,00,000.0
This query is : Resolved
Rajendra Kumar Sankhla
(Querist)
17 April 2017
My assessee is petrol pump dealer.
Majority of sales are in cash.
If he made cash sales of Rs. 30,000.00, 40,000.00 , 50,000.00, 25,000.00, 40,000.00 and Rs. 1,00,000.00 to single person (suppose to Bus Operator) on different invoices and different dates.
Can Petrol pump dealer receives cash from bus operator ?
If he receives cash against this invoice generated on different dates
Then what is the position of my client under section 269ST
Majority of sales are in cash.
If he made cash sales of Rs. 30,000.00, 40,000.00 , 50,000.00, 25,000.00, 40,000.00 and Rs. 1,00,000.00 to single person (suppose to Bus Operator) on different invoices and different dates.
Can Petrol pump dealer receives cash from bus operator ?
If he receives cash against this invoice generated on different dates
Then what is the position of my client under section 269ST
17 April 2017
Separate bills issued on different dates will not amount to a single transaction therefore there is no violation of section 269ST as long as separate billls are issued payable on different dates and none of these bills equals or more than Rs 2 Lakhs. But a word of caution here, if total amount of all such bills are Rs 2 Lakhs or more and payment for all bills are received from single person on a single day or in split payment across a single day then section 269ST will be violated. for example if bills bear different dates and bill numbers but payment for all the bills i.e. rs 250000/- was received on 17.04.2017 it will invite penalty u/s 269ST.
CA Gopal Somani
(Expert)
17 April 2017
Agree with CS Abhishek Ji
Rajendra Kumar Sankhla
(Querist)
17 April 2017
Thanks for suggestion
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