Cash transaction limit in income tax by Finance & More


let’s understand section 216 ST through
Finance Act 2017 the government has banned cash transaction of over Rs. 2 lakhs
now let’s understand which transactions are restricted what – one cash receipts from single person over two lakh Cash receipt in respect of single transaction exceeding 2 lakhs 3 in respect of transaction relating two one event or occasion from a person lets understand 1st case Mr.X sales goods to Mr.Y. Mr.Y pays 2 lakhs in cash in one day this is violation of Section 269ST Lets understand 2nd case Mr.Y pays Rs.1 Lakhs in cash in three installments. let’s understand 3rd case This is violation of section 269st because We should help government to crub black money CBDT has further clarified this section shall not apply to withdrawals from bank now let’s understand who is
excluded from the restriction one domain don’t deal in cash educate company employees Keep documents ready for customers Keep watch on cash transaction remember penalty is on receiver

1 comment on “Cash transaction limit in income tax by Finance & More

Leave a Reply

Your email address will not be published. Required fields are marked *