Hi
Kindly tell me if Cash Sales Above RS. 200000 is valid after getting PAN of the buyer too??
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Cash transactions above rs.200000
Replies (9)
Big no form me , please confirm form section 269 st OF THE INCOME TAX ACT 1961, please confirm form others also.
No...
Raise multiple invoices in day wise... Restrictions is only for single invoice to single party
What is the limit for cash transaction in a day?
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.
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??
What is the transaction between both the parties
Sales Transaction
Make different bills for that... Less than Rs. 2 Lakh of a single sales bill
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