Sales of Rs 2 lakhs
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?
07 June 2021 You can make cash sales Rs 1,99,999, less than 2 lacs.
07 June 2021 No. If you do,it is a violation of section 269ST of the Income tax Act,1961.
07 June 2021 269st section relates to penal provision for cash transaction of 200000 and above.
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.