if one sells goods worth rs 4,50,000 through three different bills three different days of Rs 1,50,000 each to one person and accepts Cash each day rs 10000 45 days
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Quick Summary
This discussion explores potential violations of Section 269ST of the Income Tax Act concerning cash transactions. It highlights that receiving cash payments exceeding Rs 2 lakh in a single day, or for a single transaction, is prohibited. The advice suggests that splitting large payments into smaller amounts across different days to circumvent this limit may still be considered a violation, and could lead to penalties under Section 40(A)(3) for exceeding the Rs 10,000 cash expenditure limit.
Sec 269. ST IS APPLICABLE IN THE. FOLLOWING CASES A).RS 199999 I CASH OR MORE THAN THAT CAN BE DEPOSITED IN A SCHEDULED BANK PER DAY PER PERSON. SEC 40 (A) (3) VIOLATION IS THERE. IN CASE ANY EXPENDITURE MADE IN EXCESS OF 10000.