supposei have 2 open bills of say 3 lakhs and 2.5 lakhs against a dealer. I received a sum of 1.9 lakhs on day 1 and another 1.9 lakhs on day 2 from the dealer. can i take a stand that the amount received on two different dates is against two different bills and save myself from penalty under section 269st? please note that section 269st does not state to apply fifo method anywhere.
With effect from 01/04/2017, newly introduced section 269ST restricts the receipt of cash of Rs. 200000/- in following situations:
a) Aggregate receipt of Rs. 2 Lakhs or more from a person in a day
b) Aggregate receipt of Rs 2 Lakhs or more in respect of a single transaction
c) Receipt of Rs 2 Lakhs or more in relation to one event or occasion from a person
In that case you will have to prove that you have obtained payment on two different dates against both bills separately. For this you may issue a receipt to the payer in which you may mention payment received against bill no so and so. You may also obtain a declaration to this effect from the payer.
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Gupta Sachdeva & Co. Chartered Accountants
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