TCS on Receipt of Cash exceeding Rs 200000

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the Tax Collected at Source (TCS) rules when receiving cash exceeding Rs 200,000 in a single sale transaction. Section 269ST of the Income Tax Act prohibits receiving cash of Rs 2 lakh or more in a day, a single transaction, or for one event. Therefore, a cash receipt of Rs 250,000 for a single sale transaction would be in contravention of this section.

hanif

hanif (Querist)
Follow

11 June 2024 Sir,
We Received Rs 250000/- in a single Day for a Single Sale Transaction of Rs. 250000
How much TCS is to be collected on this transaction s

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 June 2024 Section 269ST prohibits any person to receive an amount of Rs.2 lakh and above in cash:

In aggregate from a person in a day, or
In a single transaction, or
In respect of transactions relating to one event or occasion from a person.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

31 August 2024 Good luck.

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