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Cash receipt
i am not running any bussiness but sold my car and received cash 6,00,000 is there any issue..??
Replies (6)
Quick Summary
Yes.
Cannot accept more than 2 lakhs cash as per sec 269ST. Penalty of equivalent amount under sec 271DA.
Cannot accept more than 2 lakhs cash as per sec 269ST. Penalty of equivalent amount under sec 271DA.
Yes, if you have carried Rs 2 lakh or more transaction in one single day, then you are liable to pay penalties which is 100% of the entire amount of cash received.
Penalties on cash transaction is specified under section 271DA of Income Tax Act. The section says, if a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt.
These penalties are imposed by Joint Commissioner.
Penalties on cash transaction is specified under section 271DA of Income Tax Act. The section says, if a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt.
These penalties are imposed by Joint Commissioner.
Thank u sir but one more doubt if i receive this cash in 4 diffrent days below 2lks per day any problem?
As Per 269ST, No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
As if you received this cash on 4 different day, but as it's "Single transaction" of sale of car, So, Penalty is applicable....
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
As if you received this cash on 4 different day, but as it's "Single transaction" of sale of car, So, Penalty is applicable....
I sold 3 different cars...so will it be a single transaction ? what is meant by single transaction?
If you sold 3 Car to 3 different person sepratelly than it's 3 transaction...
If you sold 3 Car to single person in a "single deal", than its Single transaction..
If you sold 3 Car to single person in a "single deal", than its Single transaction..
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