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Query on Transactions

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rashmi khanna

1 Points Posted on 20 November 2024

As an account student, i have two queries regarding section 269 st. Kindly answer with descripttion.

Case 1.

Mrs. Uma purchases Gold jewellery from jeweller . her purchases are as follows. on

1-1-2024 Gold coin 85000

10-2-2024 Gold Chain 80000

15-3-2024 Gold Ring 45000

Total Purchase 2 lakh10 thousand

She sold Same to same jeweller as follows

10-6-2024 Gold Coin 85000

15-6-2024 Gold Chain 77000

20-6-2024 Gold Ring 40000

Total Sale 2 lakh 2 thousand

Is there voilation of Section 269 ST on behalf of buyer or seller

Case2:-

Mrs Anita is employed as school teacher and getting salary as 8000 per month in cash from past 3 years. (i.e total salary drawn is appx. 3 lakh in 3 years).. Is there violation under section 269ST ?

Replies (1)

CA Naveen Panwar

Professional

1234 Points Posted on 20 November 2024

Case Analysis 1:

Purchases by Mrs. Uma (from Jeweller)

1-1-2024: Gold Coin ₹85,000
- Paid below ₹2,00,000 in cash: No violation.
10-2-2024: Gold Chain ₹80,000
- Paid below ₹2,00,000 in cash: No violation.
15-3-2024: Gold Ring ₹45,000
- Paid below ₹2,00,000 in cash: No violation.

Aggregate Purchases: ₹2,10,000, but no single payment or aggregate payment in cash on the same day exceeds ₹2,00,000.
Thus, no violation of Section 269ST.

Sales by Mrs. Uma (to Jeweller)

10-6-2024: Gold Coin ₹85,000
- Received below ₹2,00,000 in cash: No violation.
15-6-2024: Gold Chain ₹77,000
- Received below ₹2,00,000 in cash: No violation.
20-6-2024: Gold Ring ₹40,000
- Received below ₹2,00,000 in cash: No violation.

Aggregate Sales: ₹2,02,000, but no single receipt or aggregate receipt on the same day exceeds ₹2,00,000.
Thus, no violation of Section 269ST.

Case 2:

Mrs. Anita’s employer paying her salary of ₹8,000 per month in cash does not violate Section 269ST, as the annual salary paid in cash (₹96,000) is below the threshold of ₹2,00,000 for each financial year.