Tds on more than cash sale of rs. 2 lakh
This query is : Resolved
30 June 2016
According to act we can not receive/pay cash more than of Rs. 20000/- in a day. But if any one does cash sale of Rs. more than 2 Lakhs then TDS will be deduct of a person who is buying goods. So how can is it possible?
Message likes :
1 times
CMA Ramesh Krishnan
(Expert)
30 June 2016
Sec.40(A)3 applicable only on the payment by cash more than Rs.20000 with reference to rule 6DD Current changes in TCS applicability Rs. 2 lakhs by cash payments/receipts. first provision is apply when you pay more than Rs.20000, when pay disallowance will apply. second provision for receiver of the cash basically
Message likes :
1 times
30 June 2016
Thanks Sir,
But Sir in 2nd provision Receiver will receive amount from any payer and If a payer is a company then how can it pay more than Rs. 20000/- or It is applicable for individual?
But Sir in 2nd provision Receiver will receive amount from any payer and If a payer is a company then how can it pay more than Rs. 20000/- or It is applicable for individual?
Rupesh Jain
(Expert)
30 June 2016
its possible when anyone not known this prov. of income tax act.
CMA Ramesh Krishnan
(Expert)
30 June 2016
Basically act is saying not to pay. when paying and receiving only the rules will apply
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
