Querry regarding section 269st

Yes.

Section 269ST states that no person shall receive an amount of Rs.2,00,000/- or more:-

1) from a single person in a day (eg. Mr. A), it could either be multiple invoices raised on a same day, or

2) from a single transaction (eg. Sale of goods - Lot A), either raised through multiple invoices, or

3)  from a single event or occasion (eg. Confrence held on XYZ date), either raised through multiple invoices.

The intent is to tap all such payments, which involves payment of high value for a single purpose.

Hope this clarifies your doubt.

In case of any further query, or queries in relation to Income tax, you may contact me at the following.

Thanks

Anubhav Jain

anubhavjain441 @ gmail.com

Will u explain point 2 above in brief

Will u also tell whether the exissting limit of Rs.20000 remain levived on buyer.

1. It means a single contract or business deal.
2. If you meant cash paymesnt for purchases; the limit has been reduced to 10,000.

Thanxs for your valuable answer

But how it is possible that seller receive not more than Rs.200000 when buyer is not allowed to pay more than Rs.10000. Is these both laws are in confrontation with each other.

Both provisions are covering different aspects.

The limit of 10,000 is for expenses only. (from payer's perspective)

And, other limit is for receipt of any kind, like loan taken or proceeds on sale of personal car, etc. (it is from receiver's perspective)

Will Income Tax charge on maturity Amount of RD

Will Income Tax charge on maturity Amount of RD

Only on the interest amount.