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Cash - Vendor - 2Lakhs

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25 Points Posted on 09 July 2017
I am a gst registered retailer.Can I give cash to my vendor for cash bill up to 2 lakhs?
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On 09 July 2017 at 23:08 Report
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Chartered Accountant
86505 Points Posted on 09 July 2017
You can but below 2 lakh. However it is not advisable.
814 Reply
On 09 July 2017 at 23:12
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C.A.
81 Points Posted on 09 July 2017
Payment in cash above Rs.10,000. Will be disallowed in Income tax.
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On 09 July 2017 at 23:25
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25 Points Posted on 09 July 2017
Sir that is in case of expenses only sir..
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On 09 July 2017 at 23:27
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342 Points Posted on 09 July 2017
vendor?....be specific
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On 09 July 2017 at 23:52
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Business
276 Points Posted on 10 July 2017
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.
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On 10 July 2017 at 00:59
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C.A.
81 Points Posted on 10 July 2017
Sec.206C(1D) is omitted from AY 2017-18. Now cash sales exceeding Rs.2 lakhs will attract equal amount penalty.
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On 10 July 2017 at 01:29
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Business
276 Points Posted on 10 July 2017
it is deleted from AY 2018-19 not from AY 2017-18
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On 10 July 2017 at 01:48
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124 Points Posted on 10 July 2017
It applies to the purchaser not to the seller
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On 10 July 2017 at 22:34
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124 Points Posted on 10 July 2017
It applies to the purchaser not to the seller
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On 10 July 2017 at 22:34
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Business
276 Points Posted on 11 July 2017

Yes, Mr. Shrinivas is a purchaser and sec 40A(3) applies in his case

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On 11 July 2017 at 12:55


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