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?
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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
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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
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