Sec 269 st applicable
This query is : Resolved
Kollipara Sundaraiah
(Querist)
01 November 2020
One I.t. return sec 44ada professional income filed person cash
transactions different debtors in 19-20.
1.dt:20-05-2019 cash received old debtor(Mr.A) Rs:1,90,000/- through on cash mode single day
2.dt:15-08-2019 cash received from another old debtor(Mr.B) Rs:1,50,000/- through on cash mode single day
3.dt: 20-10-2019 cash loan paid to another new debtor(Mr .C) Rs:3,50,000/- through on bank mode .if same debtor same date Rs:1,50,000/- cash mode received .
.
Question:
Assess above cash transactions allowed in I.t. act sec 269 st and sec 40a(3) applicable
transactions different debtors in 19-20.
1.dt:20-05-2019 cash received old debtor(Mr.A) Rs:1,90,000/- through on cash mode single day
2.dt:15-08-2019 cash received from another old debtor(Mr.B) Rs:1,50,000/- through on cash mode single day
3.dt: 20-10-2019 cash loan paid to another new debtor(Mr .C) Rs:3,50,000/- through on bank mode .if same debtor same date Rs:1,50,000/- cash mode received .
.
Question:
Assess above cash transactions allowed in I.t. act sec 269 st and sec 40a(3) applicable
CA R SEETHARAMAN
(Expert)
01 November 2020
It's less than 2 lacs cash receipts from each party it's allowed.
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