Kollipara Sundaraiah (B.com) (2984 Points)
02 February 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 02 February 2023
Anything below Rs. 2 lakhs... Otherwise, sec. 269 ST of IT act gets triggered.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 04 February 2023
Maximum amount below 200000 can be accepted.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 05 February 2023
The provision of section 269ST"
No person shall receive an amount of two lakh rupees or more-
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise, than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.
Provided that the provisions of this section shall not apply to-
(i) any receipt by-
(a) Government.
(b) any banking company, post office savings bank or co-operative bank.
(ii) transactions of the nature referred to in section 269SS;
(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.
CAclubindia
