Sec 114b(r)(ii)

This query is : Resolved

Amit Nandy (Querist)
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12 March 2014 As per sec 114B(r)(ii)
payment to a dealer

• of an amount of Rs. 5,00,000 or more at any one time; or

• against a bill for an amount of Rs. 5,00,000 or more,

for purchase of bullion or jewellery.

Considering the above law is it mandatory for a jewellers to furnish the details including pan of customer sales more than five lacs.Here my confutation are as follows:-
1)Jewellers received the amount from customer instead of payment.
2)Customer is not a registered dealer.

Regards
Amit Nandy

Rupesh Jain

Rupesh Jain (Expert)
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02 May 2014 as TCS provisions
if jewellers sell jewellery exceeds Rs. 500000/-
then he have to deducted TCS @ 1% on value of jewellery. if customer pay cash payment of jewelry.
if payment made by other then cash then no TCS will applicable.

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