POS PURCHASE

12 January 2018

sir,
In the last month I made 10lakhs POS PURCHASE.
did this purchase can consider in income tax.

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5 Replies

CA Mohit Aggarwal (CA in Job) (81 Points)
Replied 12 January 2018

if that is for business purpose, then yes.

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sravan de LSK (5 Points)
Replied 12 January 2018

this is (For personal pos purchase only)

CA Mohit Aggarwal (CA in Job) (81 Points)
Replied 12 January 2018

not allowed

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sravan de LSK (5 Points)
Replied 12 January 2018

if I do more than 1crore pos purchase in a year with my bank account.
then
is there any tax on purchase amount.
it is completely personal only.

CA Mohit Aggarwal (CA in Job) (81 Points)
Replied 12 January 2018

Sravan, there won't be any tax on your purchases if you would be able to subtantiate the source of funds used for the purchase.

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