Cash receipt

As per Section 269 SS No person shall receive an amount of two lakh rupees or more—

in aggregate from a person in a day; or

in respect of a single transaction; or

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:

That means the assessee cannot receive more than 2lakh for single transactiion from a single person.

Hi,

As per section 269ST, 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.

Accordingly, you can sale goods in multiple bills totaling more than INR 2 lacs. Please note s single bill should not be more than 2 lacs and series of bill in relation to one event should not be more than 2 lacs.

Please feel free to call/revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

.

Hello,

You can make multiple bills and accept multiple payments but make sure that it should not be in relation to one event or occasion to a single person.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Hi,

If you are selling goods in different bills, then ideally, penalty u/s 269ST should not apply. So long as the receipt is not in relation to one transaction / event, penalty will not apply.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LLB