In case of SFT cash receipt in excess of 2 lac , limit should be checked in aggregate or in single transaction?
In case of SFT cash receipt in excess of 2 lac , limit should be checked in aggregate or in single transaction?
The limit is for each single transaction...
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?
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.
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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