income tax

Guest

any payment in cash above ten thousand rupees to a person in a day, shall not be allowed as deduction in computation of Income from "Profits and gains of business or profession";

Nishan kotian

Tax practitioner

335 Points Joined September 2017

in cheq what is the limit

Guest

No limit on bank transaction.. Its depend on business requirements

Nishan kotian

Tax practitioner

335 Points Joined September 2017

cash sale is 50000 is allowed

Guest

See earlier reply on same post

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Originally posted by : Nishu Kotian
	cash sale is 50000 is allowed

Yes... No penalty If less than 2lakhs (1,99,999/-) Cash Sales. In case 2lakhs or above then penalty levied @ 100%.

Nishan kotian

Tax practitioner

335 Points Joined September 2017

yes i was see ur point cash sale limit is less 2 lac but i hav doubtt. its cleared .... thank uu

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

U r welcome...

As the above said 2lakhs limit is based on seller's view...

But, Better to avoid above said practice...
Bcoz,
In Buyers end it's disallowed in his accounts...

** GOOD LUCK

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Nishan kotian

Nishan kotian

Nishan kotian

RAJA P M

Nishan kotian

RAJA P M

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