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TCS Rs 2lacs.

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(Querist)
03 July 2016 Dear Experts, we all have seen the latest amendments to the income tax act imposed. My question is The limit of Rs 2lacs on cash transaction is per party per bill or per party per Year. there is a confusion in this regards as all the trade associations have declared it as cash transactions per party per year exceeding Rs 2lacs. But the latest circular has given example with regards to a bill having cash transaction exceeding Rs 2lac. Kindly confirm and inform at the earliest. Thanks in Advance.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 July 2016 The intention is per party per bill.
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Kaushik Joshi

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Kaushik Joshi (Expert)
03 July 2016 Dear Warrier Sir, even I feel the same, but since there is no clarification in this regard we tell the clients to assume it per party per year because it may tend to become a subject matter of litigation. please share your views on this matter Sir.
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
04 July 2016 There is a clarification in circular No.22/2016 issued by the Ministry dated 8th June 2016. Kindly refer to the same
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Kaushik Joshi

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Kaushik Joshi (Expert)
04 July 2016 Dear Amrita Madam, Then you for the clarification.
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Kaushik Joshi

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Kaushik Joshi (Expert)
04 July 2016 question 4 covers my query.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 July 2016 Amrita Ji

Rule 114B clause 18 says 'per transaction', but transaction is not defined ie., the issue yet to be addressed by CBDT.
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