cash receipt limit query
sajeer k (accounts officer) (177 Points)
02 May 2018
i have a single bill of rs 250000, can I collect this amount 150000 by cash and 100000 by bank
8 Replies
Ashish Bansal
(CA)
(1036 Points)
Replied 02 May 2018
Yes, if it is not from sale of specified items like jewellery, car etc.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 May 2018
No. you can't received amt more than Rs.200000/- in cash otherwise penalty equal to 100% of amt leviablr
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 May 2018
As per Query...
It's available. No more penalty levied. Bcoz, Cash Receipt less than 2lakhs....
It's available. No more penalty levied. Bcoz, Cash Receipt less than 2lakhs....
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 May 2018
But invoice is of more than Rs.200000.-
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 May 2018
As per Section 269st as under
Ministry of Finance has issued a Press Release on 05th April, 2017.
Various steps to curb black money by discouraging cash transaction and by promoting digital economy have been introduced by Finance Act 2017.
i. Restriction on cash transaction by sections 269ST & 271DA newly inserted to the Income-tax Act.
ii. Providing that no person (other than those specified therein) shall receive an amount of two lakh rupees or more,
(a) in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
(b) otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.
***
ii)
a,
b,
c
The Cash receipt not exceeding Rs 2lakhs. So, Penalty not levied as per sec...
Ministry of Finance has issued a Press Release on 05th April, 2017.
Various steps to curb black money by discouraging cash transaction and by promoting digital economy have been introduced by Finance Act 2017.
i. Restriction on cash transaction by sections 269ST & 271DA newly inserted to the Income-tax Act.
ii. Providing that no person (other than those specified therein) shall receive an amount of two lakh rupees or more,
(a) in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
(b) otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.
***
ii)
a,
b,
c
The Cash receipt not exceeding Rs 2lakhs. So, Penalty not levied as per sec...
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 May 2018
But such cash receipt is for a single transaction as per point (b).
You can't receive payment in excess of 2 lakh for one single transaction even if same received in parts...
You can't receive payment in excess of 2 lakh for one single transaction even if same received in parts...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 May 2018
Please see the 1st Query....
i have a single bill of rs 250000,
can I collect this amount ""150000 by cash"" and ""100000 by bank""
i have a single bill of rs 250000,
can I collect this amount ""150000 by cash"" and ""100000 by bank""
Sadikhali
(Student)
(2 Points)
Replied 07 June 2019
Please answer Individual can accept maximum cash from other individual by sale of property or other
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