Cash payment to farmer
This query is : Resolved
26 May 2016
One trader purchased wheat from farmers in cash because the farmer says that they have no bank account. Some time the payment may increase to 2.00 Lac. Please advise whether the cash payment made to farmers is exempt under Income Tax. One more thing whether Rule 114 is applicable in this case.
26 May 2016
you can pay cash to farmer, there is exemption under income tax act.
26 May 2016
Thanks sir. what about Form 60 and 61/61A
26 May 2016
form 60- for person not having PAN.
61 for agriculture income person
61 for agriculture income person
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