Tds deduction
This query is : Resolved
26 January 2019
Dear sir
my client sup lie buffalo to meet exporter , he purchased buffalo from farmer in cash they have no pan and without any purchase bill
what is the treatment in income tax of this kind cash purchase.
he receipt all amount from exporter in bank.
what is the limit of cash purchase
my client sup lie buffalo to meet exporter , he purchased buffalo from farmer in cash they have no pan and without any purchase bill
what is the treatment in income tax of this kind cash purchase.
he receipt all amount from exporter in bank.
what is the limit of cash purchase
29 January 2019
Clearing the doubts of the grain traders, the Central Board of Direct Taxes under the Revenue Department of the Union Ministry of Finance has clarified that the traders can purchase farmers' produce up to Rs 2 lakh giving cash under income tax rules. In this process of payment, the income tax rules will not be a hindrance.
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