WE ARE DEALING CEMENT BUSINESS, MR. X PURCHASED RS.15,00,000 AMOUNT OF CEMENTS IN A FY 2017-2018 BY WAY OF CASH ON VARIOUS DATES. IS IT AFFECT THE SEC.269ST OF THE IT ACT'2018.
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Cash transaction regarding
Replies (5)
No' if individual bill/s and payment received on each date (aggregate on each date) had been below 2 lakhs amount......
we received cash from x daily Rs.10000/= on various dates by cash its total value exceed Rs.9,00,000/= in a year it is correct or not
Sec 269ST
[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,
If its relates to single transaction then its vioalatio of 269st
[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,
If its relates to single transaction then its vioalatio of 269st
| Originally posted by : C R RADHAKRISHNAN | ||
 |
we received cash from x daily Rs.10000/= on various dates by cash its total value exceed Rs.9,00,000/= in a year it is correct or not |  |
Are the receipts against single invoice?
If not, any single invoice was of Rs. 2.00 lakhs or more?
under GST there is no limit on Cash Sales but as per Section 269ST of Income Tax Act,1961 provides that no person shall receive an amount of Rs 2 Lakh or more -
In aggregate from a person in a day; or
In respect of a single transaction; or
In respect of transactions relating to one or event or occasion from a person.
In aggregate from a person in a day; or
In respect of a single transaction; or
In respect of transactions relating to one or event or occasion from a person.
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