Receipts of cash below rs. 2 lacs

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Hello!!

we are dealing with the customers who pays in cash below Rs. 2 lacs for every transactions. However over the period of year these receipts are more than Rs. 2 lacs from a single customers. Please advise whether penalty u/S 271DA will be applicable?

Replies (4)

No. Not applicable if aggregate of bills issued per day and cash received per day both do not equal to Rs. 2 lakhs or more.

In a year Cash receipt not exceeding more than 2L from a person...
Dear Mr. Raja
Cash receipts more than 2L in a year is allowed if not
1. In respect of a single transaction
2. In respect of transactions relating to one event or occasion from a person
3. in aggregate from a person in a day 
good clarification and information

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