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Cash - Vendor - 2Lakhs
I am a gst registered retailer.Can I give cash to my vendor for cash bill up to 2 lakhs?
Replies (10)
You can but below 2 lakh. However it is not advisable.
Payment in cash above Rs.10,000. Will be disallowed in Income tax.
Sir that is in case of expenses only sir..
vendor?....be specific
Sec 40A(3) for both types of payment whether it is for expenses or for purchase of goods or services.Also as per sec 206C(1D)TCS @ 1% will be collect by Recipient if he receives cash payment exceeding 2 lakhs for goods or services.
Sec.206C(1D) is omitted from AY 2017-18. Now cash sales exceeding Rs.2 lakhs will attract equal amount penalty.
it is deleted from AY 2018-19 not from AY 2017-18
It applies to the purchaser not to the seller
It applies to the purchaser not to the seller
Yes, Mr. Shrinivas is a purchaser and sec 40A(3) applies in his case
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