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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Cash deposited
Replies (5)
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.
In case of failure penalty equal to such sum imposed on receiver.
i think its 20,000 . not 200000 in a day
pls correct rashmi, if u overlooked it
Its 200000/-
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.
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