Sales of Rs 2 lakhs
This query is : Resolved
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ARUN GUPTA
(Querist)
07 June 2021
Can I make cash sales of Rs2 lakhs? The buyer is not giving pan no. Can we make cash sales? Pl advise urgently?
CA R SEETHARAMAN
(Expert)
07 June 2021
You can make cash sales Rs 1,99,999, less than 2 lacs.
07 June 2021
No. If you do,it is a violation of section 269ST of the Income tax Act,1961.
ARUN GUPTA
(Querist)
07 June 2021
Which reply is correct?
ARUN GUPTA
(Querist)
07 June 2021
What is section 269ST of IT act?
CA Altamush Zafar
(Expert)
07 June 2021
269st section relates to penal provision for cash transaction of 200000 and above.
CMA Poornima Madhava
(Expert)
07 June 2021
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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