Please Help: Sec 269ST
Posted Date : 21-May-2017 , 09:30:11 pm | Posted By: Nikhil Ramnani
Category :
Income Tax | Answers :
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Comments :
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Whether the Cash Transaction limit of less than Rs 2 Lakhs from a Single Party, as governed by Sec 269ST is the limit of a single bill or aggregate of all the bills raised to a Party during the Whole Year?
Certain People are having query that they can do cash business (Sales) with a Single Party of a limit of less than Rs 2 Lakhs, irrespective of no of bills issued during the whole year.
Please Clarify. |
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Comments |
Posted By : Neeraj A Gangwani |
14-Jun-2017, 04:18:58 |
single bill of Rs.2.00 lacs covered.
aggregate of all bills raised to a party during whole year also covered. |
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Posted By : CA Manali Jain |
14-Jun-2017, 12:45:45 |
the section is attracted when you receive more than 2 lakh from a party in a single day (irrespective of number of bills) and it will be also attracted when for a single bill of more than 2 lakh the payment is received in cash in different installment during the whole year |
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Posted By : Manish Jain |
14-Jun-2017, 11:03:14 |
section is attracted for 2 lakh or more recieved from single person on single day, it is not applicable for whole year. it is to seen on day basis |
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