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Cash payment above rs 50,000/-

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 November 2013 if i am purchasing a bike or an electronic item worth Rs 50,000/- or more & i m making the payment in cash ...will there be any problem & will i have to quote my pan no...as i am not filing my income tax return is there any chance that i get an order from ITO ??? please help
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
03 November 2013 You can purchase any asset in cash no problem with that..

However, Section 40{a}3 is not attract...

But you have to give your PAN details and there is no problem with that...

Cheers...

Happy Deepawali....
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 November 2013 thanks brother & happy diwali to you too.
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