CA Prakash Kumar Jha
(Chartered Accountant)
(39 Points)
Replied 10 April 2017
Yes, you can't take cash bill of more than Rs. 10k, and it's compulsary to write customer name on bill.
prakash
(accountant)
(33 Points)
Replied 10 April 2017
dear sir
kya me 20000 tk ya jyada ka cash me bill bana sakta hu or coustomer name likh pana posible nhi ho pata beasuse t/o 20 carore & above he
siddharath
(1)
(115 Points)
Replied 18 April 2017
siddharath
(1)
(115 Points)
Replied 18 April 2017
Dear sir Please clarify we can't take or make, Which section of IT say the s that we can't makes cash sales more than rs 10000 And necessary to write customers names
Sumeet
(CA)
(537 Points)
Replied 18 April 2017
There is no such provision in Income Tax Act 1961 that says you can't make cash sales more than Rs 10,000. However Section 40A(3) says if payment of any Revenue or Capital Expenditure above 10,000 is made in cash, said expenditure will not be allowed as deduction while computation of income under PGBP head. So it would be default on part of purchaser if payment is made in cash above 10,000 for any expenditure. So if a purchase is made for personal use or consumption and purchaser is not claiming deduction under PGBP head, 40A(3) will not be attracted.
Hence there is no such limit for making cash sales above 10,000 on your part. However section 269ST prohibits reciept of cash above 2,00,000 for any purpose. So reciept in cash should not exceed 2,00,000 for a single transaction or on a single day in any case.
I hope your query is resolved now.
siddharath
(1)
(115 Points)
Replied 18 April 2017
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