A Gst registered dealer jewellery and money lending business two business maintained
1.sales of jewellery amount from customers cash mode and swipeing machine mode received.
2.cash money pay to customers for money lending business.
question:
1.sales of jewellery two types transactions accounting entry passed procedure in books
2.pay to customers amount cash mode limit in it act.
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Cash pay limit for jewellery and money lending business
Replies (1)
| Both jewellery and money lending businesses have specific cash transaction restrictions: 1. For All Businesses – Section 40A(3): Cash payment of Rs. 10,000 or more in a single day to a single person for any business expenditure is DISALLOWED as a deduction. (For purchase of goods/assets — Rs. 10,000 limit per transaction per person per day.) 2. Section 269SS – Cash Loans/Deposits: No person can accept any loan or deposit of Rs. 20,000 or more in cash from any person — applicable to money lenders receiving deposits/loans in cash. Penalty: 100% of the amount accepted (Section 271D). 3. Section 269T – Repayment of Cash Loans: Repayment of any loan/deposit of Rs. 20,000 or more cannot be in cash. Penalty: 100% of amount (Section 271E). 4. Jewellery Business – Additional Rules: - PAN mandatory for cash purchase of jewellery of Rs. 2 lakh or more (Rule 114B). - Form 60/61 required if buyer doesn't have PAN. - Cash sale of jewellery: SFT (Statement of Financial Transactions) reporting required if cash receipt from a single buyer exceeds Rs. 2 lakh in a day (Notification for SFT-005). - PMLA (Prevention of Money Laundering Act): Jewellers dealing in cash transactions above Rs. 10 lakh are registered entities under PMLA and must maintain KYC records. 5. Money Lending Business: All loan disbursements and repayments exceeding Rs. 20,000 MUST be through banking channels — no cash. Also, money lenders must comply with applicable State Money Lending Act. |
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