Query on cash transaction limit


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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2017 Sir,
I want to know that whether provisions of section 269ST are violated if a person has issued three bills of Rs. 100000/- each to Mr. A on 3 different dates and receive cash against them say Rs. 10000/- per day on 30 different dates.

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Expert : Anonymous

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Expert : Anonymous (Expert)
08 May 2017 No viaolation but they all not related to one particular event.

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2017 It means we can accept cash on different dates aggregating 2 lacs but no single bill should be more than 2 lacs.

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Expert : Anonymous

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Expert : Anonymous (Expert)
08 May 2017 Yes all bills on single date not valid but on different date valid

09 May 2017 There is no issue with the above transaction but one can clearly understand the Tax evasion in the above transaction. So better not to save 1 rupee now and pay 100 as penalty after.

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 May 2017 sir please also confirm do we need to report these transaction in Form 61A if we receive cash more than Rs. 2 lac in aggregate from one party in a year.

02 October 2021 Yes, you have to report.


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