Receipts of cash below rs. 2 lacs

Tax queries 267 views 4 replies
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1 Points Joined May 2017

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?

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On 08 May 2019 at 13:35 Report
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Finance data
289 Points Joined January 2018

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.

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On 08 May 2019 at 13:46
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
In a year Cash receipt not exceeding more than 2L from a person...
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On 08 May 2019 at 15:17
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Chartered Accountant
4524 Points Joined July 2014
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 
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On 08 May 2019 at 17:54
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7059 Points Joined January 2017
good clarification and information
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On 10 August 2019 at 18:53


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