Menu
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😊😊
Recent Topics :
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
Related Topics :
CAclubindia
