Section 269 st

This query is : Resolved

Rakesh Bhardwaj (Querist)
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27 September 2017 a) I raised bill of rs 500000 to a customer and received 150000/- in cash and 350000 by account payee cheque.

b) I raised bill of Rs 500000 on 11/09/2017 to a customer and payment received by account payee cheque on same day 300000 and 50000 in cash and balance 150000 on 31/10/2017

c) An employee received per month salary of 20000/- in cash aggregating 240000/- per year.

d) Husband gives 500000 in cash to his wife or vice-versa.

e) Father gives 150000 per month to his son for personal use.

f) A gives 100000 cash gift to his brother on 01/09/2017 and 25/10/2017 150000 as cash gift and what it make it difference if this amount is paid through capital account.
g) Is 269ST applicable to every person in India whether he is in business or not ?

Dibin Divyakumar

Dibin Divyakumar (Expert)
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27 September 2017 269ST Limit is 2L, SO,
a) Cash receipt less than 2L - NO 269ST penalty applicable
b) So total cash receipt is 50,000+1,50,000 = 2L So 269ST Applicable, Amount received from a Person against an event during the year.
c) Practically I doubt the applicability of 269ST on employee, as he can hardly force his employer to make salary payment through Bank, 40A(3) will be applicable to the employer.
d) 269SS & 269T also applicable if amount given as loan, Also how the IT Dept comes to know.
e) How the Dept will come to know.??, Not Applicable..
f) Single day, Single events receipt does not exceed 2L, Not Applicable.
g) Applicable to all.

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