Cash payment of more than 2,00,000/- in one fy
This query is : Resolved
16 May 2018
Dear all,
Please clarify the following-
1. If a retailer's sale to a particular party (SAY X) is rs. 5,00,000/- in one financial year but all the bills are below 2,00,000/-, what will be the scenario u/s 269ST.
2. Can Cash memo can be drawn over 10,000/-. For example X raises Cash memo for Rs. 56,000/- and receives cash in whole in a single shot. what will be the scenario?
Please clarify the following-
1. If a retailer's sale to a particular party (SAY X) is rs. 5,00,000/- in one financial year but all the bills are below 2,00,000/-, what will be the scenario u/s 269ST.
2. Can Cash memo can be drawn over 10,000/-. For example X raises Cash memo for Rs. 56,000/- and receives cash in whole in a single shot. what will be the scenario?
17 May 2018
1 As cash bill for purchase is below 2,00,000 269ST not attracted. Total cash sales in a year to a single party is 5 lacs only and sales in a time not exceeded 2 lacs.
2 Yes cash memo can be drawn over 10,000/- but not yo exceed 2 lacs.
2 Yes cash memo can be drawn over 10,000/- but not yo exceed 2 lacs.
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