Section 269st

in a day cash received not more than 200000/- and payment not more than 10000/-

weather one bill or 10 bills in days but party name same 

 

(a) in aggregate from a person in a day;

E.g. if a person receives Rs.2.25 lakhs in cash for 2 different bills of Rs.1 lakh and 1.25 lakh, then also penalty is levied.

(b) in respect of a single transaction; or

E.g. if there is single bill of Rs.3.10 Lakh and cash is received on different days of Rs.1.6 lakh and Rs.1.5 lakh, then also penalty is levied.

(c) in respect of transactions relating to one event or occasion from a person,

E.g. if marriage is one occasion and a person receives amount of Rs.3,00,000/-. Thus penalty is levied of 100% of amount received.

other-wise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.

Originally posted by : samir
	in a day cash received not more than 200000/- and payment not more than 10000/- weather one bill or 10 bills in days but party name same

i have sold goods on credit to one party  in single day amount to rs 250000/- but in 10 diiferent bills amount to 25000/- each on 20-5-17

and i received cash as follows

1) 10000 on 20-6-17

2) 30000 on 25-6-17

3) 20000 on 28-6-17

4) 190000 on 30-6-17

A) the above 10 different bills is said to be single transaction as goods is sold to one party OR this is said to be 10 transaction?????

B) if this is a single transaction then it is a violation of section 269ST???

yes section 269st will attract