Whether Sec 271 DA Applicable if Mr. A receives Rs. 15,00,000/- against 10 Invoices of Rs. 1,50,000/- each in FY 2017-18 ?
In Short Rs. 1500000/- received against Invoices of Rs. 1500000/-
Thanks.
Menu
Whether sec 271da attracted ?
Replies (1)
269ST. Mode of undertaking transactions.—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.
If they are on account from a single transaction or in respect to one event or from a single person in a day than penalty as specifed under section 271 DA would attract.
Otherwise no levy of such penalty.
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
