supposei have 2 open bills of say 3 lakhs and 2.5 lakhs against a dealer. I received a sum of 1.9 lakhs on day 1 and another 1.9 lakhs on day 2 from the dealer. can i take a stand that the amount received on two different dates is against two different bills and save myself from penalty under section 269st? please note that section 269st does not state to apply fifo method anywhere.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 03 April 2017
With effect from 01/04/2017, newly introduced section 269ST restricts the receipt of cash of Rs. 200000/- in following situations:
a) Aggregate receipt of Rs. 2 Lakhs or more from a person in a day
b) Aggregate receipt of Rs 2 Lakhs or more in respect of a single transaction
c) Receipt of Rs 2 Lakhs or more in relation to one event or occasion from a person
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13709 Points)
Replied 04 April 2017
In that case you will have to prove that you have obtained payment on two different dates against both bills separately. For this you may issue a receipt to the payer in which you may mention payment received against bill no so and so. You may also obtain a declaration to this effect from the payer.
Recent Topics
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
Related Threads
CAclubindia
