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Section 269st

rishab goenka (ipcc) (122 Points)

21 May 2017

what does "SINGLE TRANSACTION" means ?

suppose i have sold goods in 10 different bills in a single day in aggregate of rs 250000/-

Then wheather it is called 10 transactions OR Single Transaction

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4 Replies

(Guest)

in a day cash received not more than 200000/- and payment not more than 10000/-

weather one bill or 10 bills in days but party name same

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rama krishnan (12234 Points)
Replied 21 May 2017

(a) in aggregate from a person in a day;

E.g. if a person receives Rs.2.25 lakhs in cash for 2 different bills of Rs.1 lakh and 1.25 lakh, then also penalty is levied.

(b) in respect of a single transaction; or

E.g. if there is single bill of Rs.3.10 Lakh and cash is received on different days of Rs.1.6 lakh and Rs.1.5 lakh, then also penalty is levied.

(c) in respect of transactions relating to one event or occasion from a person,

E.g. if marriage is one occasion and a person receives amount of Rs.3,00,000/-. Thus penalty is levied of 100% of amount received.

other-wise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.

rishab goenka (ipcc) (122 Points)
Replied 22 May 2017

Originally posted by : samir
	in a day cash received not more than 200000/- and payment not more than 10000/- weather one bill or 10 bills in days but party name same