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Tds on more than cash sale of rs. 2 lakh

This query is : Resolved 
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(Querist)
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

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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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REENA

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REENA (Querist)
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?
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Rupesh Jain

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Rupesh Jain (Expert)
30 June 2016 its possible when anyone not known this prov. of income tax act.
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CMA Ramesh Krishnan

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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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