Hello gyz
Is there any restriction on receiving cash in the course of business mean if we sale goods and in exchange we receive cash Amt to Rs 2lac then what is the implication of the same under income tax act?
Plz reply
Thanks in advance
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Sale transaction
Replies (2)
Quick Summary
There is no implication on seller, it applies on buyer that buyer cannot expend more than 10000 on any expenses in a day for each party. 40 a (3) will attract on buyer and payment of more than 10000 will be disallowed.
Section 269ST
No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or(b) in respect of a single transaction; or(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:
No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or(b) in respect of a single transaction; or(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:
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