Can a stamp vendor sell stamps of Rs. 200000 in cash in a single day to a single person if not then can he sell part amount of stamps for a single property?
for eg. if customer for selling his property wants a stamp of Rs. 235000 can i receive cash for the same being stamp vendor earning only commission out of it?
if another customer for selling his property wants a stamp of Rs. 540000/- can i sell stamp of Rs. 180000 in cash in 3 different days to a same person?
* i am only receiving the commission income out of it.
Menu
Cash receipt above Rs. 200000/-
Replies (3)
a person receives an amount of exceeds 200000 in respect of single transaction or relating to one event or occasion from a person is taxable in the hands of receiver
however disallowance also attract in the hands of payee u/s 40a 3 if it's exceeds 10000
however disallowance also attract in the hands of payee u/s 40a 3 if it's exceeds 10000
Penalty for receiver under section 271 DA on account of such receipt to , since in the act mentioned invoice value it would not matter whether you are receiving commission on such or not.
cant he take in part payment also?
Recent Topic
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
- TDS EXECESS AMOUNT ADJUSTMENT
- What's the ONE thing about GSTR-2B / IMS reconcili
Related Topics
CAclubindia
