Restriction on cash receipt as per finance act 2017

This query is : Resolved

Rakesh (Querist)
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07 April 2017 I would like to know whether a customer can directly deposits more than two lakhs cash in Suppliers bank account in single day against multiple bill or multiple deposit against single bill will attract this provision or not. As per the proposal, banking companies are not covered under this provisions and depositor is depositing after mentioning his PAN card in case of 50 K and more.

Can anyone will guide the correct status on this provision.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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08 April 2017 Direct deposits by customers into supplier bank account against single bill aggregating to Rs 2 Lkahs or more would amount to cash payment only and would be liable to be hit by section 269ST.

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