Cash purchase limit
This query is : Resolved
Amit Maloo
(Querist)
13 August 2017
Sir i m unrajisterd dealar my turnover 15 lack i want to know about cash purchase limit in year and single day and cash sale limit in a day
CA R SEETHARAMAN
(Expert)
13 August 2017
No limit for a year. Cash purchase limit from a person in a single day should not exceed 2 Lacs similarly for sales.
Message likes :
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Amit Maloo
(Querist)
13 August 2017
Thanks sir.. But my CA SAY LIMIT FOR CASH RRANSECTION IS 10000 AS PAR INCOME TAX ACT? WHAT IS THIS SIR
CA R SEETHARAMAN
(Expert)
14 August 2017
For your turnover opting 8% profit u/s 44AD no need to maintain accounts so 10000 limit not applicable to you.
Amit Maloo
(Querist)
14 August 2017
So finaly i can whole purchase arround 10 lakh in cash?limit par day bepow 2lakh
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