Respected sir, Can I take above 2 lakh cash in a agreegate for different sale bill. or only 2 lakh plz Guide me.
Replies (9)
Quick Summary
This discussion addresses the legality of receiving cash payments exceeding £2 lakh for sales. It clarifies that Section 269ST of the Indian Income Tax Act prohibits receiving an aggregate amount of £2 lakh or more in cash from a single person for multiple transactions. The thread also touches upon related banking deposit limits and seeks guidance on handling sales exceeding this threshold.
Sir,
Nicely informative.... what if Accounted sale amount deposited in bank which is more then Rs 2Lakh as Owner do not above this rule?
what should he do now?