INCOME TAX ACCEPTING 3LAKH CASH APPLICABLE AS UNDER

*New section 269ST in Income tax - accepting Rs.3,00,000/- cash -applicable as under*

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 1. If u accept  3L or more  from same person *in a day* even against different bills  section is violated.

2. If u accept  3L or more from a person *against one bill* even on different days section is attracted.

 3. If u accept 3L or more from a person for a series of transactions emanating from *one event or ocassion* section is attracted.

Applicability of section 269ST

 1. If one sells goods worth Rs 450000 through three different bills of 150000 each to one person and accepts *cash in single day* at different times then section 269ST(a) will get violated.

 2. If one sells goods worth Rs 400000 through *single bill* to Another person and receives cash of 200000 on day1 and another 200000 on day 2 then section 269ST(b ) will get violated.

 3. If A accepts cash of 100000 for *catering* Rs 150000 for *decoration* and rs 150000 for tent house work then section 269ST(c) will get violated even if cash is accepted on different dates.

😓 Penalty for Violation being 100% of cash received!

Be careful while accepting cash.
This is applicable from April 2017

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