Clarification Required on 269st on receipt of payments over rs. 200000

440 views 10 replies

Akash

student

49 Points Joined April 2011

Situation: Invoice amount is Rs. 2,05,000/-

Seller receives Rs. 15000 in account payee cheque and balance Rs. 1,90,000/- in cash.

Questions:

1. Is this against 269ST? Would he be liable to penalty under this section?

2. Would he be required collect TCS on such cash receipts?

3. Would he be required to take PAN Number of the buyer? Where will the seller Mention such Pan Number? Further would he be required to file Form 61A before income TAX and mention such CASH Receipts before IT Department?

4. What if the buyer is not willing to give his PAN? Will the seller require to take a Declaration on Form 60 from the Buyer?

5. What if the Buyer is a Minor?

Guidance on these issues will be very helpful, eagarly waiting for a reply.

Thank You

Replies (10)

Guest

IF AMOUNT MORE THAN 200000/- THEN NEED TO CAREFUL

Akash

student

49 Points Joined April 2011

Splitting of dates in not possible as it is a single product

thiruvayu

FCA

155 Points Joined August 2009

reply to question wise:

1. No

2. No

3a. Yes
3b. pan will be mentioned on invoice
3c. no need to file 61A

4. Pan is mandatory. if not available obtain form 60

5. obtain and quote minor pan as he is the buyer

indeed a good question

further form 60 obtained from the buyer should be uploaded half yearly once

Akash

student

49 Points Joined April 2011

Thank you sir for your prompt answer it was very helpful.

Another question. Where to submit/upload such Form 60 once half yearly?

CA Revanth Bharathwaj M

Freelance consultant in Direct Tax and F

373 Points Joined July 2014

akash you need to upload it in the assessees login in IT site

thiruvayu

FCA

155 Points Joined August 2009

form 60 details should be uploaded using form 61. This can be uploaded using ITDREIN generated in your pan login of the e-filing website

S.V.Bhargav

Article Assisstant

70 Points Joined September 2013

I AM DISTRIBUTOR. AS I AM MAKING SALES TO ONE CUSTOMER IN DIFFERNT DATES IN AN YEAR. FOR THE TOTAL YEAR IT HAS BECOME ABOUT 300000. HE IS GIVING SOME AMOUNT DAILY IN THE FORM OF COLLECTION. FOR THE YEAR TOTATLLY IT HAS BECOME 280000. AM I Is this against 269ST? Would I liable to penalty under this section?

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

@ S.V.Bhargav.,
Your said way is not applicable 269st. But, invoice is above 2lakhs the section is applicable....

S.V.Bhargav

Article Assisstant

70 Points Joined September 2013

I did not get clarity in your reply. whether it is applicable or not. or if your saying that the invoice value for 1 bill is more than 200000 then it is applicable. pls clarify my dobut

S.V.Bhargav

Article Assisstant

70 Points Joined September 2013

I did not get clarity in your reply. whether it is applicable or not. or if your saying that the invoice value for 1 bill is more than 200000 then it is applicable. pls clarify my dobut