Further clarification on 206c(1d)
This query is : Resolved
03 July 2016
Dear Friends,
The assessee is in the business of selling Cell phones on wholesale and retails. Will tyhis provision of collection of TCS applicable, If the assessee is selling cell phones to same individual daily with a value of less than 2 lakhs per day and collecting in cash? I mean is this cash transaction limit per invoice or per person?
The assessee is in the business of selling Cell phones on wholesale and retails. Will tyhis provision of collection of TCS applicable, If the assessee is selling cell phones to same individual daily with a value of less than 2 lakhs per day and collecting in cash? I mean is this cash transaction limit per invoice or per person?
04 July 2016
The limit is 'per transaction' as per Rule 114B clause 18 , but transaction is not defined and yet to be addressed by CBDT.
Saket Jain
(Expert)
04 July 2016
It should be invoice wise. Regards
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