Dear sir/madam....
Generally we purchase goods from unregistered dealer and make urd purchase bill below two Lakh and pay the cash to them..... kindly help me ....question is below...
we purchase cotton on 20/12/2020 from Ajay and paid cash to him Rs. 197800 and make urd purchase bill on same date....
On 24/12/2020 again we purchase cotton from him and paid cash Rs. 198000 and make urd purchase bill...
is it wrong and violating the sec 269st of income tax act?? will it create the problem from giver of cash and receiver cash???
please do the needful...
Menu
Cash bill and cash receipt
Replies (9)
As you have paid amount in cash exceeding 20,000 rupees you have to report it u/s 269st
You cannot pay in cash more than 10000 for any transaction it will lead to the disallowance of the expense.
and the receiver will liable for penalty under section 271D.
and the receiver will liable for penalty under section 271D.
Sorry i made a mistake as i wrongfully mentioned it as u/s 269ss but as you paid under 200000 rupees on two different dates it shall possible that it might be not violating section 269st
Sourav.... you are correct now
Yeah...
Not correct.
Why not correct if any person paid or receive cash in a single day above 200000 rupees then it will violate section 269st otherwise if amount is less than 200000 rupees then it will not attract otherwise penalty will be imposed u/s 271D
Sabyasachi.... tell me how not correct
The querry seems irrelevant.
If you give live examples that appears more logical.
As far as 269ST is concerned , it appears correct.
less than rs. 2 lakhs per day per person.
please give live examples.
These are instances to prove the fact.
If you give live examples that appears more logical.
As far as 269ST is concerned , it appears correct.
less than rs. 2 lakhs per day per person.
please give live examples.
These are instances to prove the fact.
Recent Threads
- Revised Income tax return karna padega kya
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
Related Threads
CAclubindia
