1) Daily cash sale more than 2lakhs to multiple persons is it ok
2)cash sale to a person in a year more than 2lkah related to multiple events and different dates but and yearly cash receipt exceeds 2lkahs and all cash receipts received on diff dates less than 2lakhs
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Cash sale more than 2lakh
Replies (5)
@ pranay
there is no restriction on sale.cash.
the restriction is on depositing such money in bank.
deposit less than Rs.2 lacs.... per day.
there is no restriction on sale.cash.
the restriction is on depositing such money in bank.
deposit less than Rs.2 lacs.... per day.
There's no restrictions on depositing cash in bank unless you have accounted the same in your books of accounts
Section 269st: No person shall receive an amount of 2 lakh 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
penalty is 100% of amount received in cash (sec 271DA)
(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
penalty is 100% of amount received in cash (sec 271DA)
@ sanjay
there is one exception to this
Section 269ST
THIS DOES NOT APPLY TO A BANKING COMPANY OR A FINANCIAL INSTITITION, BANKING COMPANY.
THERE ARE CERTAIN UPDATES ON THE SAME IN CASE OF LOAN REPAYMENT .
A SINGLE INSTALMENT OF LOAN WHICH IS REPAID IN CASH SHOULD BE LESS THAN 2 LAKHS.
there is one exception to this
Section 269ST
THIS DOES NOT APPLY TO A BANKING COMPANY OR A FINANCIAL INSTITITION, BANKING COMPANY.
THERE ARE CERTAIN UPDATES ON THE SAME IN CASE OF LOAN REPAYMENT .
A SINGLE INSTALMENT OF LOAN WHICH IS REPAID IN CASH SHOULD BE LESS THAN 2 LAKHS.
@ Pranay
1. it's okay
2. Multiple times receipts towards single sale bill /event aggregating to more than 2 lakhs in cash , is falling under 269ST and invites 100% penalty of Receipts amount.
You can deposit in bank any cash amount be it 2 lakhs 5 lakhs 10 lakhs, no 269ST provisions are applicable. 269ST is for acceptance of cash towards transaction in excess of Rs 2 lakhs.
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