Sec 269 SS and 269ST of IT Act talks about only loans and deposits. hence it is it correct that a person can make cash sales over Rs 10000 say for ! Lakh? of course the new cash trasaction limit of Rs 2 Lakhs will apply
A. NAGARAJAN (CHARTERED ACCOUNTANTS) (66 Points)
10 April 2017Sec 269 SS and 269ST of IT Act talks about only loans and deposits. hence it is it correct that a person can make cash sales over Rs 10000 say for ! Lakh? of course the new cash trasaction limit of Rs 2 Lakhs will apply
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 10 April 2017
Yes he can do cash sales of any amount subject to cash receipts u/s. 206ST. Only the purchaser has to be careful in case of any claim of the cash expenditure.
CAclubindia
