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Cash deposited

T.T.VIJAYAPRAKASH (properter) (253 Points)

08 May 2017

MR. A TRADER (TN) TO MR C (AP) CR.SALES .RS250000/- PER BILL FOR OTHRE STATE. MR C CASH DEPOSITED IN Mr A CURRENT A/C . ITS CASH TRASCATION?

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5 Replies

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 08 May 2017

Its not cash transaction actually but as per Sec 269ST of IT Act you can't receipt any payment above Rs.200000/- in a day from a person in aggrrgate, in respect of single transaction or in relation to one event or transaction otherwise than by a/c payee cheque, a/c payee demand draft or using electronic clearing through bank a/c.
In case of failure penalty equal to such sum imposed on receiver.

1 Like

harsha (Article) (208 Points)
Replied 09 May 2017

i think its 20,000 . not 200000 in a day

harsha (Article) (208 Points)
Replied 09 May 2017

pls correct rashmi, if u overlooked it

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 09 May 2017

Its 200000/-

Ronak jain (Articleship ) (3 Points)
Replied 09 May 2017

I THINK SHE IS RIGHT @ 200000/-

the rational behind the word electronic clearning through bank a/c also include deposit to current a/c. therefor the above transaction does not violated the pro. of 269ST.