effect of transaction beyond Rs.20,000/- or Rs.20,000/-
This query is : Resolved
Bidyananda kahar
(Querist)
16 June 2009
Hi
What is the effect of transaction like sale or purchase in cash Rs.20,000 or
greater than Rs.20,000.
What is the effect of transaction like sale or purchase in cash Rs.20,000 or
greater than Rs.20,000.
CA.BHARAT BHUSHAN
(Expert)
16 June 2009
There will be no effect of cash sales above Rs.20,000/- on you, but if cash purchase above Rs.20000/- is made then it will be disallowed and your profit will be added with this purchase accordingly.
16 June 2009
Cash purchases above Rs 20000 will be disallowed as per Section 40A(3) of the Income Tax Act.
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