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cash issue

Ravi Khemani (70 Points)

22 August 2017

how much cash v can take from customr

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RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 22 August 2017

Rs. 50k.....

RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 22 August 2017

Above 2lakhs it ll be fall under income tax act 269

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Abhishek Pithisaria (Student) (150 Points)
Replied 22 August 2017

refer section 269ST

Ravi Khemani (70 Points)
Replied 22 August 2017

so u r telling rs 50k but 269st says v can do buisness upto under 2 lakh

RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 22 August 2017

Yes. Also other rule ll be says Rs. 10k only allowed.....
But, Here the nature of transaction is the main reason.....

Ravi Khemani (70 Points)
Replied 22 August 2017

if v do take cash 75000 any penalty is there i know under sec 43 purchase is not allowf

Ravi Khemani (70 Points)
Replied 22 August 2017

if v do take cash 75000 any penalty is there i know under sec 43 purchase is not allowf

Ravi Khemani (70 Points)
Replied 23 August 2017

there is diffrnt opinion of c.a sme r saying section 269st u r allowd to take less than 2 lakh but under 43 a purchase is restrictd under 10000

Ravi Khemani (70 Points)
Replied 23 August 2017

if smebdy forcefully givs cash whonis wrong seller or purchaser

RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 23 August 2017

Yes. Payments restricted to 10k. Receipts are under 269st 2l

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