The Rs 2-lakh limit applies to single transactions, those in aggregate from a person in a day, and to those relating to one event or occasion from a person. The provision does not apply to the government, banks and post offices.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
