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income tax
what is the cash payment and cheq payment limit to purchase party and expensess
Replies (8)
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";
in cheq what is the limit
No limit on bank transaction.. Its depend on business requirements
cash sale is 50000 is allowed
See earlier reply on same post
| 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%.
yes i was see ur point cash sale limit is less 2 lac but i hav doubtt. its cleared .... thank uu
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
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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