Cash payment and bank transaction
Querist : Anonymous
I am a tax payer . I run a coaching . But i dont deposit my money in my bank account .
Now my question is ...
1) Is it really necessary to deposit or keep money in bank , if i am a tax payer ?
2) I purchased 20 chairs in cash . I payed 40000 cash . since i dont use my bank account to make an transaction , will it make any issue ?
Somebody told me , i want to pay someone above 20000 , i should use bank account . is it really necessary ?
2. while purchasing chairs in cash is ok. but if you do any non-capital expenditure in cash in excess of Rs 20000 at a time, it will be disallowed.
2. while purchasing chairs in cash is ok. but if you do any non-capital expenditure in cash in excess of Rs 20000 at a time, it will be disallowed.
Querist : Anonymous
Sir , if i pay in cash to some one and i buy some goods from that person to sell that goods to make an profit and for that i pay 2 lacs in cash , will be allowed ?
Querist : Anonymous
1) i made an agreement to purchase goods with some one and for that i paid him cash 2 lacs .
2) I used that goods A to sell in market
3) I earned profit after selling that goods
4) I filed ITR , where i showed my profit = sell price - cost price .
Querist : Anonymous
Querist : Anonymous
Since i have make an agreement with that person ... i will have to again make an agreement where i will have to mention that i will pay you 2 lacs in 10 installment within one months .
Will it be ok ?
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