VIOLATION OF SECTION 269ST?
This query is : Resolved
18 April 2017
Hello everyone…….Mr.A sold goods of Rs. 3 lakh to Mr.B on 10/04/2017……there is only single bill of Rs.3 lakh made by Mr.A….Mr.B gave cheque of Rs.1,80,000/- to Mr.A and deposited remaining amount Rs. 1,20,000/- in the account of Mr.A against above transaction…….is this violation of section 269ST?.......your replies are highly appreciated….thanks in advance….
18 April 2017
In your query single bill amounts to a single transaction. Bill exceeds Rs 2 Lakhs. Direct cash deposit of Rs 120000/- will be equivalent to a cash receipt. But since less than the threshold limit of Rs 2 Lakhs has been received in cash (direct cash deposit is as good as a cash receipt) there will be no violation of section 269ST.
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