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Cash limit
How much cas receipt can i take in a day if a buyer is taking for Personal use and he pays above 10000 cash in 2 parts is their any restriction for cash receipt above 10000 by customer in a day.
Replies (5)
How much above 10000/- ?
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
Section 269ST in the Income Tax Act bans such transactions in cash amounting to Rs 2 lakh or more on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual
1. Sec 269ST which deals with cash transactions exceeding Rs. 2 lakhs per day in a single transaction with the same individual. Any cash transaction above Rs. 2 lakhs will be punishable with the same amount of penalty.
2. In case of receipt through cash, it should not exceed Rs. 2 lakhs in a day from the same person for a single transaction.
3. So the maximum amount which is allowed under sec 269ST will be Rs. 2 lakhs and it cannot be more than that.
Please correct me if the above solution has an alternative view.
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What if i am taking 48000 cash receipt a day from URD person.
I think 269ST restrict the limit 10000 now onwards for accepting cash ..
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