Credit Bill
This query is : Open
17 April 2017
If Mr. X sells goods on credit to Mr. Y for an amount of Rs. 100000. Does it fall in the ambit of 269ST or T as this transaction amounts to giving loan. Also can Mr. X collect cash from Mr. Y in installments of 20000 on various dates and issue cash receipts for 20000.
17 April 2017
It will not cover u/s 269ST as the goods are sold on credit. It is not a loan also. X can collect payment in cash of Rs 20000/- on various dates. since the amount of goods sold is not equal to or more than Rs 2 Lakhs, even if single bill is issued it will not violate section 269ST.
17 April 2017
thank you very much Mr. abhishek goyal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- PF wage ceiling
- Gst reverse charge mechanism to be claimed in the month of payment
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
