Sec-269 st
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 April 2017
respected sir ,
as per the new amendment what is the actual meaning of "in respect of transactions relating to one event or occasion from a person". please discuss with example relates to transactions between whole saler and retailer
thanking you
as per the new amendment what is the actual meaning of "in respect of transactions relating to one event or occasion from a person". please discuss with example relates to transactions between whole saler and retailer
thanking you
Expert : Anonymous
Expert :
Anonymous
(Expert)
12 April 2017
On plain reading of the provisions of the section, no person can receive cash of Rs. 2,00,000/- or more on one event or occasion from a person. In other words, the restriction is on per person per event / occasion.
This is not applicable to wholeseller or retailers. For them receipt of more Rs. 2 Lacs in a single day attracts penalty.
E.g. Marriage is one occasion and a person receives amount more than Rs.2,00,000/-. Thus penalty is levied of 100% of amount received.
This is not applicable to wholeseller or retailers. For them receipt of more Rs. 2 Lacs in a single day attracts penalty.
E.g. Marriage is one occasion and a person receives amount more than Rs.2,00,000/-. Thus penalty is levied of 100% of amount received.
12 April 2017
Please check the below link, it provides good explanation -
https://www.taxmann.com/topstories/105010000000014299/section-269st-the-impact-analysis.aspx
https://www.taxmann.com/topstories/105010000000014299/section-269st-the-impact-analysis.aspx
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