Limit to purchase farmers crop in cash
This query is : Open
PRASHANT GUPTA
(Querist)
08 April 2017
I am a aadraty I doing bussiness grain , peanuts , musterd , gram etc .I do purchase directly by farmers . Before 31/3/2017 pay cash is exempt any amount . Now I want to know that is any limit applicable or regular exempt to continue as per as 31/3/2017 so please give me any suggestions
CA R SEETHARAMAN
(Expert)
08 April 2017
You can't pay more than 2 Lacs in cash to a person on a day on more than one day for a single transaction from 01/04/2017.
PRASHANT GUPTA
(Querist)
08 April 2017
under 2 lakh i pay many time pay cash
PRASHANT GUPTA
(Querist)
08 April 2017
i puchase crop 1 day 150000 i pay cash than same year i purchase crop100000 same person can 100000 i pay him or not because 1 year total transaction 2.5 lakh
CA R SEETHARAMAN
(Expert)
08 April 2017
Each day limit should not exceed 2 Lac. No limit for yearly purchase. You can do as proposed.
PRASHANT GUPTA
(Querist)
08 April 2017
thanks for Clearification
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- Applicability of tax on invoice
- Advances to related party
- IMS (import of goods) ITC related
- Royalty payments to the Mining Department for procurement of murum - GST input
- Form 144 TDS Return Validation error
- GSTR9 Annual Return
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
