CASH RECEIPT OF Rs.2 lacs
This query is : Resolved
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PANDIAN BRIGHT
(Querist)
08 April 2023
Our Jeweler client Accepts old gold from customer and sell a new one to them. In some cases He has to pay cash to them for purchasing old gold. My query is, Can the jeweler pay cash up to 2 lacs to the customer. is it violating the sec 269ST?
Dhirajlal Rambhia
(Expert)
08 April 2023
According to Section 40A(3) of the Income Tax Act, if an assessee incurs any expense for which a payment or aggregate of payments was made to a person during a day in cash and the expenditure exceeds INR 10,000, the expenditure is not allowable as a deduction.
Even the purchase of goods falls under the term expenditure.
Even the purchase of goods falls under the term expenditure.
10 April 2023
Doesn't attract to your client since 269ST is for the person receiving cash equal to or more the Rs.2 lakhs.
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