Sec-269ST Doubt

This query is : Resolved

CA Yogesh Chawla (Querist)
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11 April 2017 Can a retail shopkeeper receive Rs. 2 lakh or more in cash from single person on different dates in smaller denominations say Rs. 10,000 on each date. Assume that payment is received against multiple bills such that single bill amount is less tha Rs 200000.

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CA Gopal Somani

CA Gopal Somani (Expert)
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12 April 2017 Total amount should not exceed 2 lakh per DAY from a single person it doesn't whether you are receiving it in respect of one bill or multiple bills (each less than 200000)

Please check the below link, it provides good explanation - https://www.taxmann.com/topstories/105010000000014299/section-269st-the-impact-analysis.aspx

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CA Yogesh Chawla

CA Yogesh Chawla (Querist)
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12 April 2017 Thanks Sir. But i am still unclear that whether retail shopkeeper receive cash of Rs. 2 lakh or more in aggregate from single customer during FY split into different dates.

CA Gopal Somani

CA Gopal Somani (Expert)
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12 April 2017 The limit is for a day not for a year.

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