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Sales of Rs 2 lakhs

This query is : Resolved 

Can I make cash sales of Rs2 lakhs? The buyer is not giving pan no. Can we make cash sales? Pl advise urgently?

You can make cash sales Rs 1,99,999, less than 2 lacs.

No. If you do,it is a violation of section 269ST of the Income tax Act,1961.

Which reply is correct?

What is section 269ST of IT act?

269st section relates to penal provision for cash transaction of 200000 and above.

Both the replies are correct. Any cash receipt of >=Rs.2 lacs violates provisions of section 269ST. Read 269ST for more details.

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