Cash sale

This query is : Resolved

shoeb parwaiz (Querist)
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14 September 2017 Sir,

I'm a retailer & use to make transaction in cash. Sometime cash transaction is above Rs.2,00,000.00. However, I deposit cash on daily basis collection into our bank.What is rule to Income Tax & GST for Cash Sale Transactions?

Thanks & Regards

Shoeb

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 cash sale is very much allowed under Income Tax as well as GST

shoeb parwaiz

shoeb parwaiz (Querist)
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14 September 2017 Dear Sir,

Thanks for your reply.

Is there any role of Section 269ST in regard to Cash Sale?

Thanks & Regards

Shoeb

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 yes, it is subject to 269ST.

shoeb parwaiz

shoeb parwaiz (Querist)
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14 September 2017 Dear Sir,

Thank you once again for reply.

It means if I made cash sale above Rs.2,00,000.00 lakh in a single transaction, section 269ST shall be applicable.

Thanks & Regards

Shoeb

shoeb parwaiz

shoeb parwaiz (Querist)
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14 September 2017 Dear Sir,

I would like to know if TCS @ 1% collected on single transaction of Rs.2.00 Lakh. Will Section 269ST be applicable on cash sale above Rs.2.00 Lakh?

Thanks & Regards

Shoeb

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 269ST is concentrating on receipt of cash.....
it is not restricting the amount of sale.....