Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 17 May 2018
Supplier cannot receive 2 lakhs or more by cash mode u/s 269ST of IT act, per day per person or per event/bill.
If the remaining amount is received by banking channel, you can issue any amount bill, no restriction.
But if total receipt is by cash, restrict it to below 2 lakhs.
Mayur
(Free Learner)
(334 Points)
Replied 17 May 2018
Agreed with Rambhia Sir,
Penalty will be equal to amount received in cash in case where cash accepted over Rs. 200000. that means receiver need to pay penalty and not payer.
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