Cash sales

No it will not be applicable for cash sales..........

..................where a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, the disallowance of such expenditure shall be made under the proposed sub-section (3) of section 40A or the payment shall be deemed to be the profits and gains of business or profession under the proposed sub-section (3A) of section 40A,as the case may be.

First of All Section 40A(3) is applicable on cash payment not on cash receipt. Hence you can accept sale proceed in cash too. 

Second Thing Limit of 10000 is applicable from 01.04.2017 as it is amended by finance act 2017. Present limit is 20000. 

sir till what extent can he accept cash on sale in a single bill?

Agree with Mr Manish

-For 40(A)(3) Payments upto f.y 2016-17 limit is Rs. 20000.

-Rs 10000 limit applicable from 1.4.2017

 

I HAVE QUESTION WE CAN ISSUE 10 BILL 190000 RS.  ( FROM DIFFRENCT DATE ) ONLY ONE PERSON

EXAMPLE I SELLER AND SHYAM IS PURCHASERE THAN I ISSUE BILL ( DIFFRENCT DATE , DIFFRENT AMOUNT BUT PERSON SAME)

BILL NO. 10      DATE  15-04-2017    AMOUNT 195000

BILL NO. 20      DATE  25-04-2017    AMOUNT 190000

BILL NO. 25      DATE  26-04-2017    AMOUNT 194000

BILL NO. 30      DATE  30-04-2017    AMOUNT 1950000

IT IS IMPOSIBLE I CAN ISSUE BILL AND RECEIVED AMOUNT 

Dear All

can i sell of amount more then two lac in a day to diffrant person

Cash Sales exceeding Two lakhs (in aggregate) in a single Day to various Persons is allowed.