Allowability of cash receipt
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2015
Dear expert
i have made cash sale transaction of RS. 60000. plz tell me does this amount is allowed in income tax or not...
i have made cash sale transaction of RS. 60000. plz tell me does this amount is allowed in income tax or not...
CA PARAS BAFNA
(Expert)
30 April 2015
Cash sales can be made by a seller. Restriction is on the purchases in cash.
So, if you have made sales to some one who is near and dear to you, please take care whether Section 40A(3) hurts him.
So, if you have made sales to some one who is near and dear to you, please take care whether Section 40A(3) hurts him.
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