Sec-269ST Doubt
This query is : Resolved
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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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
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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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.
12 April 2017
The limit is for a day not for a year.
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