Sales by Cash
This query is : Resolved
sankar ponnan
(Querist)
11 May 2022
Mam / Sir
Mr X buys goods for Rs.4,05,223/- from Mr Y.
For this transaction, Mr X pays cash for the entire bill value i.e Rs.4,05,223/-
What will be the impact on both of Mr X & Mr Y for this cash transaction?
plz guide them
thanks in adv
Mr X buys goods for Rs.4,05,223/- from Mr Y.
For this transaction, Mr X pays cash for the entire bill value i.e Rs.4,05,223/-
What will be the impact on both of Mr X & Mr Y for this cash transaction?
plz guide them
thanks in adv
CA R SEETHARAMAN
(Expert)
11 May 2022
Penalty of equal amount payable by Y as per section 269ST.
X's purchase expenses will be disallowed under section 40(A)(3).
X's purchase expenses will be disallowed under section 40(A)(3).
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Closer of business and itc of capital goods
- RCM and same line
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- Rectification under processing even after 6 months cpc portal
- ARCA LOGIN
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
