Cash payment received more than two lakh

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52 Points Posted on 14 March 2020

I received cash more than two lakhs from a party during a fy  against different bills  what this is allowed

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On 14 March 2020 at 12:42 Report
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Receiving cash payments exceeding two lakh rupees can attract penalties under Section 269ST of the Income Tax Act. This rule applies even if the payment is split across different bills or received on a single day from the same party. If a single transaction or multiple transactions on the same day from one source total over two lakh rupees in cash, it is considered a violation and may lead to penalties.

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"Do the Right Thing...!!!"
128157 Points Posted on 14 March 2020
No more problems if different bills and different amounts...
If received 2lakhs in single amount then it's under penalized...
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On 14 March 2020 at 14:01
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525 Points Posted on 14 March 2020
Section 269ST applicable if more than 2 lakh in cash from single person in single day or recieve more than 2 lakh against single bill
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On 14 March 2020 at 19:33
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10 Points Posted on 14 March 2020
269ST attracted even recieved two lakh rupees against different bill under a single event
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On 14 March 2020 at 21:11
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12244 Points Posted on 15 March 2020
If you have received 2 lakhs cash in a single day from single person even against various bills it'll attract 269st
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On 15 March 2020 at 01:39

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