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Cash Transactions between Partners and Partnership Firm
In one of Firm there is cash transactions of More than 2 lacks in one financial year between a partner and partnership firm...... whether 269ST or any audit related disclosure is required as per Income Tax Act in Audit Report......
Replies (6)
Section 269st prohibits any person to receive an amount of Rs. 2 lakh and above in cash. Therefore disclosure is required as per IT Act in Audit Report.
Is it per day per person or...... overall in one FY????
Section 269ST prohibits any person to receive an amount of Rs.2 lakh and above in cash:
In aggregate from a person in a day, or
In a single transaction, or
In respect of transactions relating to one event or occasion from a person.
Is there any overall limit in one Financial year ......partner has made cash transactions below 2 lacks in single day but overall transaction is above 2 lacks???
No there is no overall limit in a financial year. it can be more than 2 lakhs also
Ok...... thank you sir😊😊
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