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Sales of Rs 2 lakhs

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(Querist)
07 June 2021 Can I make cash sales of Rs2 lakhs? The buyer is not giving pan no. Can we make cash sales? Pl advise urgently?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 June 2021 You can make cash sales Rs 1,99,999, less than 2 lacs.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 June 2021 No. If you do,it is a violation of section 269ST of the Income tax Act,1961.
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ARUN GUPTA

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ARUN GUPTA (Querist)
07 June 2021 Which reply is correct?
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ARUN GUPTA

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ARUN GUPTA (Querist)
07 June 2021 What is section 269ST of IT act?
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
07 June 2021 269st section relates to penal provision for cash transaction of 200000 and above.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
07 June 2021 Both the replies are correct. Any cash receipt of >=Rs.2 lacs violates provisions of section 269ST. Read 269ST for more details.
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