In case of SFT cash receipt in excess of 2 lac , limit should be checked in aggregate or in single transaction?
uma sharma (student) (103 Points)
18 May 2023In case of SFT cash receipt in excess of 2 lac , limit should be checked in aggregate or in single transaction?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 18 May 2023
The limit is for each single transaction...
uma sharma
(student)
(103 Points)
Replied 18 May 2023
Sir if i issue invoices on different date and received 5 lakh from same person against different bill on different date . Is it allowed and also sft transaction is reportable or not?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 18 May 2023
It will not be allowed when the invoices are raised on same person., being sales on credit.
But for cash invoice the person doesn't get involved and as such cash sales bills are allowed.
uma sharma
(student)
(103 Points)
Replied 20 May 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 20 May 2023
It will be allowed provided cash receipts on any day does not equals to Rs. 2 lakhs or more.
Otherwise, you will be required to report it under SFT.
CAclubindia
