Cash sales
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2013
sir,
i am proprietor of company what is maximum limit for cash sales in whole year for company and partnership company
i am proprietor of company what is maximum limit for cash sales in whole year for company and partnership company
Dintakurthi Tirumala
(Expert)
04 March 2013
There is no limit for cash sales as per IT act and other acts. However it will be depend on the terms and conditions of the partnership deed and for company on Articles of association and Memorandum of association. In case in such agreements if any restruction on cash sales then subject to that condition.
However as per Income tax act there is condition to make cash purchase u/s40A(3) according to this section if cash purchases is made by more than Rs.20000 for a single invoice it will be disallow for the tax purpose at the time of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
However as per Income tax act there is condition to make cash purchase u/s40A(3) according to this section if cash purchases is made by more than Rs.20000 for a single invoice it will be disallow for the tax purpose at the time of computation of taxable income.
OM SAI SRI SAI JAI JAI SAI
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