Vivek B. Bhinde (Action Creates Energy !!) (824 Points)
09 January 2018Whether Sec 271 DA Applicable if Mr. A receives Rs. 15,00,000/- against 10 Invoices of Rs. 1,50,000/- each in FY 2017-18 ?
In Short Rs. 1500000/- received against Invoices of Rs. 1500000/-
Thanks.
Dipanshu arora
(CA Final Student)
(418 Points)
Replied 09 January 2018
269ST. Mode of undertaking transactions.—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.
If they are on account from a single transaction or in respect to one event or from a single person in a day than penalty as specifed under section 271 DA would attract.
Otherwise no levy of such penalty.
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