can we purchase cotton from farmer in cash 2 lakh or abover give notification or circular in this case
regards
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COTTON PURCHASE FROM FARMER???
Replies (4)
From Seller's point of view NO.
Section 269ST applicable even to farmer.
Yes. It is covered under the exception mentioned in Rule 6DD of Income tax Rules where it is said that purchase of an agricultural produce is covered under exception & cotton is an agricultural product.
But it should be under Rs.2,00,000 because sec 269St is also applicable on agriculturist.
thankq so much dhiraj sir & animesh sir
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