A product worth rs is 2,50,000.
1. Can i pay 1,90,000 in cash and 60,000 in cheque?
2. Can seller receive 1,90,000 in cash and 60,000 in cheque?
If i do so, will i violet any penalty? or will the seller violet any penalty?
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Violation of Section 269ST
Replies (3)
The seller will violate sec 269 ST and the buyer will violet sec 40A(3) IT dept will send notice if they find this case.
But in 269 to be violated the first condition is if you pay 2 lakhs or more. here i pay 195000 cash
Receiving near to the limit wont attract any penalty as the sellar can recive upto 200000 but i wont suggest that as this will attract eyes of AO for future.
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