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Cash deposit more than rs.2 lakhs by customer in account

Pavan Kumar (Student CA IPC / IPCC) (91 Points)

14 September 2017

Dear All,

Our customers directly deposit in bank account more than Rs.2 lakhs cash. Will these transactions attract penalty under section 269ST ? Please answer

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5 Replies

Vignesh Krishnamoorthy (10 Points)
Replied 14 September 2017

Yes, as far as I have researched on this, if the amount is been received directly through bank account then it's not a problem. The penalty is only for CASH received in excess of 2 lacs.

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Pavan Kumar (Student CA IPC / IPCC) (91 Points)
Replied 14 September 2017

Customer deposited in our bank account ( any where ) more than Rs.2 LAKHS will attract penalty ?

Vignesh Krishnamoorthy (10 Points)
Replied 14 September 2017

no it won't attract penalty..only if you receive that two lakhs in cash and if you deposit..then that attracts 100 percent of the deposited amount as penalty

Vignesh Krishnamoorthy (10 Points)
Replied 14 September 2017

no it won't attract penalty..only if you receive that two lakhs in cash and if you deposit..then that attracts 100 percent of the deposited amount as penalty