WHOLLY CASH TRANSACTION
HANNAN SHAIK (291 Points)
28 July 2022HANNAN SHAIK (291 Points)
28 July 2022
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 28 July 2022
Section 271DA of the income tax act provides for the leavy of penalty on a person who receive a sum in contravention of the provisions of section 269ST ( more than 2 lacs in cash ) , The penalty shall be equal to the amount of such receipt , however the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention . In your case seller who receive money more than 2 lacs in cash is taxable .