Dear All,
Our customers directly deposit in bank account more than Rs.2 lakhs cash. Will these transactions attract penalty under section 269ST ? Please answer
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Cash deposit more than rs.2 lakhs by customer in account
Replies (5)
Yes, as far as I have researched on this, if the amount is been received directly through bank account then it's not a problem. The penalty is only for CASH received in excess of 2 lacs.
Customer deposited in our bank account ( any where ) more than Rs.2 LAKHS will attract penalty ?
no it won't attract penalty..only if you receive that two lakhs in cash and if you deposit..then that attracts 100 percent of the deposited amount as penalty
no it won't attract penalty..only if you receive that two lakhs in cash and if you deposit..then that attracts 100 percent of the deposited amount as penalty
Yes. Its fall under 269ST...
So, avoid the follow up
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