Query on cash transaction limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2017 Sir,
I want to know that whether provisions of section 269ST are violated if a person has issued three bills of Rs. 100000/- each to Mr. A on 3 different dates and receive cash against them say Rs. 10000/- per day on 30 different dates.

Expert : Anonymous

Expert : Anonymous (Expert)

08 May 2017 No viaolation but they all not related to one particular event.

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2017 It means we can accept cash on different dates aggregating 2 lacs but no single bill should be more than 2 lacs.

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Expert : Anonymous

Expert : Anonymous (Expert)

08 May 2017 Yes all bills on single date not valid but on different date valid

Sandeep Dharar

Sandeep Dharar (Expert)
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09 May 2017 There is no issue with the above transaction but one can clearly understand the Tax evasion in the above transaction. So better not to save 1 rupee now and pay 100 as penalty after.

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2017 sir please also confirm do we need to report these transaction in Form 61A if we receive cash more than Rs. 2 lac in aggregate from one party in a year.