Cash Receipt more than 2 Lacs not allowed

Section 269ST

No person can receive cash more than 3 lacs  2 lacs in following cases

1. Total Cash Transactions per day to per party cant be more than 3 lacs  2 lacs
2. Single Transaction cant be more than 3 lacs  2 lacs  (even if paid in parts)
3. Different transactions relating to single event cant be more than 3 lacs  2 lacs

Penalty

It is equal to amount of contravention (Section 271DA)

Example:- If 4 Lacs received in cash,then 4 lacs will be penalty

Exception

Govt,Banks and Other Notified persons can receive amount more than 3 lacs  2 lacs

Note :-   Earlier the limit notified in budget was 3 lacs but it was later change 2 lacs.