Situation: Invoice amount is Rs. 2,05,000/-
Seller receives Rs. 15000 in account payee cheque and balance Rs. 1,90,000/- in cash.
Questions:
1. Is this against 269ST? Would he be liable to penalty under this section?
2. Would he be required collect TCS on such cash receipts?
3. Would he be required to take PAN Number of the buyer? Where will the seller Mention such Pan Number? Further would he be required to file Form 61A before income TAX and mention such CASH Receipts before IT Department?
4. What if the buyer is not willing to give his PAN? Will the seller require to take a Declaration on Form 60 from the Buyer?
5. What if the Buyer is a Minor?
Guidance on these issues will be very helpful, eagarly waiting for a reply.
Thank You
CAclubindia
