Cash management in case small scrap traders
This query is : Resolved
Mohamad Danish
(Querist)
05 November 2018
Hello,
i want to ask that if a small scrap traders does the transactions in cash exceeding Rs 50000 per day then what would be the questions that income tax department may ask to them,
i want to ask that if a small scrap traders does the transactions in cash exceeding Rs 50000 per day then what would be the questions that income tax department may ask to them,
CA Suresh Jain
(Expert)
08 November 2018
There is no issue inn Receiving cash from sale of scrap to the extent mentioned by you. Whereas, any purchase of scrap made by you in cash from any person in day for more than Rs. 10,000.00 shall be disallowable under Income tax except the purchase made by you in such a village which does not have the banking facility
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