CASH TRANSACTION LIMIT IN INDIA
LIMIT OR RESTRICTION ON CASH TRANSACTION U/S 269ST OF INCOME TAX ACT.1961 / CS SAVEESH KV / CSWA:CACS / CSWA / 269ST OF INCOME TAX ACT
ACCEPTANCE OF LOAN IN CASH / REPAYMENT OF LOAN IN CASH / SEC. 269SS & 269T OF INCOME TAX ACT 1961
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Sec.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,
(Can Accept account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account)
SECTION 271DA (PENALTY FOR NON COMPLIANCE OF SECTION 269ST)
If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt
Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.
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