cash receipt limit query

Yes, if it is not from sale of specified items like jewellery, car etc.

No. you can't received amt more than Rs.200000/- in cash otherwise penalty equal to 100% of amt leviablr

As per Query...
It's available. No more penalty levied. Bcoz, Cash Receipt less than 2lakhs....

But invoice is of more than Rs.200000.-

As per Section 269st as under



Ministry of Finance has issued a Press Release on 05th April, 2017.

Various steps to curb black money by discouraging cash transaction and by promoting digital economy have been introduced by Finance Act 2017.

         i.            Restriction on cash transaction by sections 269ST & 271DA newly inserted to the Income-tax Act.

       ii.            Providing that no person (other than those specified therein) shall receive an amount of two lakh rupees or more,

(a)     in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,

(b)     otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.





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ii)
a,
b,
c

The Cash receipt not exceeding Rs 2lakhs. So, Penalty not levied as per sec...

But such cash receipt is for a single transaction as per point (b).

You can't receive payment in excess of 2 lakh for one single transaction even if same received in parts...

Please see the 1st Query....



i have a single bill of rs 250000,
can I collect this amount ""150000 by cash"" and ""100000 by bank""

Please answer Individual can accept maximum cash from other individual by sale of property or other