A Rice goods selling business trader purchases and sales tranctions amounts casg payments and cash receipts through on online mode like google pay and phone pay and and payteam mode.
Question:
dealer how much cash receipts and cash payment amount limits through on oneline mode one finicial year in i.t.act
Such payments are not considered as cash payment.
They are included under other prescribed electronic modes [Rule 6ABBA].
Hence, no restrictions like cash payments.
Note: Only UPI mode in the apps will be considered under the said rule and not wallets.
VIKAS VERMA & CO
New Delhi
Others
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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