Cash sale limit
This query is : Resolved
Ravinder chandel
(Querist)
28 October 2012
what is the Cash Sale limit in a singal day to signal party ?????????
CA Pooja Agarwal
(Expert)
29 October 2012
there is no such limit..
however as per sec 40A(3).cash payment in excess of rs. 20000 will be dissallowed for IT puposes..
it may not be advisable for ur buyer to do so..
however no limit on cash income above RS.20000
however as per sec 40A(3).cash payment in excess of rs. 20000 will be dissallowed for IT puposes..
it may not be advisable for ur buyer to do so..
however no limit on cash income above RS.20000
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CA GAGAN KHARBANDA
(Expert)
29 October 2012
Agreed with CA. Pooja
06 November 2012
Yes I agree with Pooja but to receive payment against sales there is no limit but the person who is paying do have the problem as pointed by Pooja. Since in your case your selling the goods there is no limit. There are certain exemption to this like dealing in agricultural products, procurement at filed and so on. Anyhow,it is always advisable to receive and pay through cheque or DD
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