Purchase of paddy
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2014
Following are the practical difficulties that are faced by a rice mill:
-The rice mill will not get any purchase bills for the 50% of the purchases.
-All such payments are made in cash
-The IT dept is not allowing such purchases, they are saying that such purchases are bogus.They are disallowing such purchases.
What are the solutions available for this...?
-The rice mill will not get any purchase bills for the 50% of the purchases.
-All such payments are made in cash
-The IT dept is not allowing such purchases, they are saying that such purchases are bogus.They are disallowing such purchases.
What are the solutions available for this...?
13 October 2014
The following Income tax Rule allows your purchase in cash.
Purchase of certain products Rule 6DD(e):Where the payment is made for the purchase of -
(i) agricultural or forest produce;
Based on input and output ratio work back your purchase based on your sales and prove it as not bogus.
In future keep payment vouchers for cash payments for all cash purchases.
Purchase of certain products Rule 6DD(e):Where the payment is made for the purchase of -
(i) agricultural or forest produce;
Based on input and output ratio work back your purchase based on your sales and prove it as not bogus.
In future keep payment vouchers for cash payments for all cash purchases.
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