Sunday 5 February 2017

Penalty on receiving cash more than 3 Lakh - even from Bank.



The FM introduced the new section 269ST where it was held that "no person shall receive an amount of Rs 3 lakh or more by way of cash in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person".
However, the restrictions will not apply to the government, any banking company, post office savings bank or co-operative bank.
It means that any person cant withdraw more than 3 lakh from a same bank in a day. 
The important words of the section are
(a) A Person receiving
(b) A person giving
(c) 3 Lakh
(d) in a day.

No comments:

Pre-GST taxes cannot be refunded if paid pursuant to an inquiry

  This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...