Limitations
subhagan sreerangam (7056 Points)
07 January 2019
How much Rupees entered in single cash bill under the IT Act and GST Act.
3 Replies
Sarath Rajendran
(Nil)
(2791 Points)
Replied 07 January 2019
IT act Maximum 2,00,000 bill ( If you collect money by arising bill)
Vinod Babu
(24196 Points)
Replied 07 January 2019
The Finance Act 2017, took various measures to restrain black money and as an outcome of which, a new section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day.
Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more:
In aggregate from a person in a day; or
In respect of a single transaction; or
In respect of transactions relating to one event or occasion from a person.
However, the Central Board of Direct Taxes (CBDT) has clarified that this cash withdrawal limit does not apply for withdrawals from Banks and Post offices.
Thus the provisions of section 269ST will not apply to:
Cash received through an Account Payee Cheque or an Account Payee Bank draft or use of electronic clearing system (ECS) through a bank account.
Any receipt by the Government, any banking company, post office savings bank or co-operative bank.
Transactions of nature referred to in section 269SS.
Such other persons or class of persons or receipts, which the Central government may, by notification Official Gazette, specify.
Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more:
In aggregate from a person in a day; or
In respect of a single transaction; or
In respect of transactions relating to one event or occasion from a person.
However, the Central Board of Direct Taxes (CBDT) has clarified that this cash withdrawal limit does not apply for withdrawals from Banks and Post offices.
Thus the provisions of section 269ST will not apply to:
Cash received through an Account Payee Cheque or an Account Payee Bank draft or use of electronic clearing system (ECS) through a bank account.
Any receipt by the Government, any banking company, post office savings bank or co-operative bank.
Transactions of nature referred to in section 269SS.
Such other persons or class of persons or receipts, which the Central government may, by notification Official Gazette, specify.
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