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Whether sec 271da attracted ?


Vivek B. Bhinde (Action Creates Energy !!)     09 January 2018

Vivek B. Bhinde
Action Creates Energy !! 
 131 likes  819 points

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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.

avater

Dipanshu arora (CA Final Student)     09 January 2018

Dipanshu arora
CA Final Student 
 17 likes  418 points

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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.

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