16 May 2018
The firm is engaged in cash sales amounting Rs. 10,00,000/- in a single day in different invoices . each invoice consist Rs. 7500/- & 8200/- respectively . Invoices does not mention the name of persons . is the procedure is with the law or violate the rule 269ST. Is there need to submit the Statement of Finanacial Transaction for the year 2017 -18.
17 May 2018
Refer to law as mentioned below, there are no needs to submit the statement of financial transactions.
"After section 269SS of the Income-tax Act, the following section shall be inserted, namely:—
'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:
Provided that the provisions of this section shall not apply to—
(i) any receipt by—(a) Government;(b) any banking company, post office savings bank or co-operative bank;(ii) transactions of the nature referred to in section 269SS;(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.
Explanation.—For the purposes of this section,—
(a) "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;(b) "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.
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