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Please Help: Sec 269ST

Posted Date : 21-May-2017 , 09:30:11 pm | Posted By: Nikhil Ramnani

Category : Income Tax | Answers : 0| Comments : 3| Hits: 260

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.

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.
 
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
 
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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