Cash receipts related query...

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Self employed
2193 Points Posted on 16 May 2021
dear colleagues,
ek query hai...mere client ne ek single bill generate kiya hai aprox 6 lac/- or mere client ne iss bill k against me 2 lac ka toh cheque liya hai... or 4 lac cash me toh ye scenario section 269ST ko violate krta hai kya...

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On 16 May 2021 at 13:12 Report
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This discussion addresses a query regarding a client who received a Rs 6 lakh payment against a single bill, with Rs 2 lakh via cheque and Rs 4 lakh in cash. Colleagues confirmed that receiving Rs 4 lakh in cash violates Section 269ST of the Income Tax Act, as cash transactions exceeding Rs 2 lakh in aggregate are prohibited. The advice given was to accept the cheque for Rs 2 lakh and the remaining Rs 4 lakh via other permissible means, not cash.

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tax consultant
3306 Points Posted on 16 May 2021
Yes. esa transaction allowed nhi ha.
apke client ko 4 lacs ka cheque aur 2 lacs cash lena tha
2 Reply
On 16 May 2021 at 13:28
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3 Points Posted on 16 May 2021
But cash allow nhi hy na 10000 above
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On 16 May 2021 at 13:47
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tax consultant
3306 Points Posted on 16 May 2021
10k to ek din ka limit ha
aur 269st - 2 lacs yearly limit ha
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On 16 May 2021 at 14:05
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Chartered Accountant
24588 Points Posted on 16 May 2021
Yes it will violate 269ST as cash payment is greater than 2 lakhs rupees
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On 16 May 2021 at 14:06
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Self employed
2193 Points Posted on 17 May 2021
Thanks to all for your valuable guidance
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On 17 May 2021 at 12:22

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