Cash transactions above 2lakh



Kindly tell . If a customer given cash 199000. &70000 by cheque against bill of 269000 & 95000 cash against another bill of 95000 in a single day to shop keeper. Is there any penalty as per notification under 

 
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"Do the Right Thing...!!!"

Yes... Penalty levied as per sec 269st

(a) in aggregate from a person in a day; 
 
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CA Final

Originally posted by : Amanjeet Singh
Kindly tell . If a customer given cash 199000. &70000 by cheque against bill of 269000 & 95000 cash against another bill of 95000 in a single day to shop keeper. Is there any penalty as per notification under 

In your case No penalty arise if you have received account payee cheque

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,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

Provided that the provisions of this section shall not apply to—

 (i)  any receipt by—

(a)  Government;

(b)  any banking company, post office savings bank or co-operative bank;

(ii)  transactions of the nature referred to in section 269SS;

(iii)  such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.

Explanation.—For the purposes of this section,—

(a)  "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;

(b)  "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.]

 
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penalty of RS. 294000 will be levied under section 271DA

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