Vivek B. Bhinde (Action Creates Energy !!) 09 January 2018
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/-
Dipanshu arora (CA Final Student) 09 January 2018
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.