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Cash transactions above rs.200000

Komal Thakur (CA Final) (925 Points)

19 April 2018

Kindly tell me if Cash Sales Above RS. 200000 is valid after getting PAN of the buyer too??

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9 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14167 Points)
Replied 19 April 2018

Big no form me , please confirm form section 269 st OF THE INCOME TAX ACT 1961, please confirm form others also.

RAJA P M ("Do the Right Thing...!!!") (127162 Points)
Replied 19 April 2018

No...

Divakar (Student CA Final ) (11857 Points)
Replied 19 April 2018

Raise multiple invoices in day wise... Restrictions is only for single invoice to single party

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3283 Points)
Replied 20 April 2018

What is the limit for cash transaction in a day?

chandan singh (Senior Finance Associates) (49 Points)
Replied 20 April 2018

No limit for cash tranasaction in gst but two rules are effected in income tax rule.if you do expense above 10.000 in a single day and single person then then your income will be increase and you will have to pay 100% penalty to income tax.

Komal Thakur (CA Final) (925 Points)
Replied 21 April 2018

Thanks all for the reply

I have another question ,

If someone comes from abroad (an NRI lets say) and pays more than Rs. 200000 in cash as he got the whole amount carrying with him converted into Indian currency. And does not have any Indian ID also. Then what will be the implications??