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Cash withdrawals effect in gst and income tax (what about tcs rules in cash transction)

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Jignesh Borad

32 Points Posted on 11 June 2019

Cash Tranction Thresh Hold Limit 10 lakh per year its ok

But any Businessmen Withdrawals 11 lakh and paid Salary and wages

1 lakh more withdrawals how calculated Income Tax and GST

No Any other option behalf paid Salary Wages Against Factory Worker

But muje a janana he ki Income tax kis tarah lagega and GST kis tarah lagega

Cross thresh hold Limit

Replies (3)

Nivedita

student

50 Points Posted on 11 June 2019

From where you brought 'Cash transaction 10 lakhs limit?

Cash transaction for any purchase or expense is jusr Rs. 10,000/-

Better transact through bank, why to withdraw from bank and pay?

ITO will not accept all these....

PUSHP KUMAR SAHU

CA FINAL ASPIRANT

1313 Points Posted on 11 June 2019

IF YOU INCURE ANY EXPENSES WHICH EXCEEDS 10000 PER DAY...THAN IT WILL BE DISSALLOWED U/S 40A(3).....YOU CAN NOT MAKE PAYMENT IN CASH....EXCEPT AS PROVIDED IN RULE 6D OF INCOME TAX RULES, 1962

I know per person per day 10,000 cash paid limit for a Buyer , worker and etc But I tell you Mr.A Prop. Ship and 15 different bank account per year all accounts cash withdrawals sum total is 12,00,000 12,00,000-10,00,000=2,00,000 How many percentage cash withdrawals tax Collecte is the bank ya Central government not a deside this matter is under progress