PURCHASES/ SALES OF AMOUNT MORE THAN 10000/ 2LACS

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akshay maloo

akshay maloo (Querist)
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17 May 2023 CAN A GALLA VYAPARI (MANDI BUSINESS) PURCHASE/ SALE GOODS OF MORE THAN 10000 / 2LACS IN CASH

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 May 2023 Less than the amount allowed for cash payment.

akshay maloo

akshay maloo (Querist)
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18 May 2023 THANK YOU SIR, BUT DID NOT GET YOUR ANSWER. CAN YOU PLEASE PROVIDE THE SOLUTION IN DETAIL? IT WILL BE VERY HELPFUL

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 May 2023 For cash payment for purchase should not exceed 10,000 and cash receipt for sale should be less than 2 lacs.

akshay maloo

akshay maloo (Querist)
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18 May 2023 THANK YOU SIR, IS BOTH THESE PROVISIONS APPLICABLE WHEN BUYING AGRICULTURE GOODS (LIKE MAIZE, WHEAT ETC.) FROM MANDI OR DIRECT FROM FARMERS?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 May 2023 In both the case any cash sale of an amount of Rs. 2 lakh or more by a cultivator of agricultural produce is prohibited under section 269ST.

akshay maloo

akshay maloo (Querist)
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18 May 2023 and what about purchase? can we purchase goods from mandi or directly from farmer amounting more than 2lacs?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 May 2023 Less than 2 lacs only allowed for purchase from Mandi and from farmers.