Sec-269 st

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2017 respected sir ,
as per the new amendment what is the actual meaning of "in respect of transactions relating to one event or occasion from a person". please discuss with example relates to transactions between whole saler and retailer
thanking you

Expert : Anonymous

Expert : Anonymous (Expert)

12 April 2017 On plain reading of the provisions of the section, no person can receive cash of Rs. 2,00,000/- or more on one event or occasion from a person. In other words, the restriction is on per person per event / occasion.

This is not applicable to wholeseller or retailers. For them receipt of more Rs. 2 Lacs in a single day attracts penalty.

E.g. Marriage is one occasion and a person receives amount more than Rs.2,00,000/-. Thus penalty is levied of 100% of amount received.

CA Gopal Somani

CA Gopal Somani (Expert)
Follow

12 April 2017 Please check the below link, it provides good explanation -

https://www.taxmann.com/topstories/105010000000014299/section-269st-the-impact-analysis.aspx

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now