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Payment in cash

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indore
96 Points Joined February 2017
I had purchased goods from A and made payment in cash for Rs. 200000 in cash. Is it allowed ??? if not what are the compliances as per income Tax act??? also suggest if allowed what are its provisions???
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On 09 September 2018 at 08:04 Report
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219 Points Joined August 2017
Not Allowed,
You have to Pay Penalty.
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On 09 September 2018 at 10:55
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504 Points Joined December 2017
have you paid 2 lakhs in a day or different days ?
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On 09 September 2018 at 11:26
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219 Points Joined August 2017
That Doesn't matter, if payee and receiver is same, then Penalty Applies
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On 09 September 2018 at 11:35
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504 Points Joined December 2017
section 40A(3) - more then 10000 in a day is not allowed
section 269ST - sale of more than 2lakhs in cash is not allowed

then Durgesh ji , on what grounds have you answered the query ?
and Nilesh ji , kindly tell me that whether the payments are made on a single day of different ? and even if on single date , then break the transaction into different dates in your books.
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On 09 September 2018 at 11:42
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indore
96 Points Joined February 2017
the payment is made on a single day...to a single person... without any deductions of TDS or TCS as applicable..
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On 09 September 2018 at 13:02
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Originally posted by : Nilesh Rathore
the payment is made on a single day...to a single person... without any deductions of TDS or TCS as applicable..

That Expense is disallowed...

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On 09 September 2018 at 13:06
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504 Points Joined December 2017
Yes , now the payment is disallowed , consult you CA he would definitely help you break the payment into different dates.
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On 09 September 2018 at 13:11
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Originally posted by : RAJA P M



Originally posted by : Nilesh Rathore



the payment is made on a single day...to a single person... without any deductions of TDS or TCS as applicable..





That Expense is disallowed...

 

Also the same way booked by Seller then He will be pay Penalty @ 100%

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On 09 September 2018 at 13:17
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219 Points Joined August 2017
I already said, but some so called experts suggesting over smart things.
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On 09 September 2018 at 13:23
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Originally posted by : Durgesh Mourya
I already said, but some so called experts suggesting over smart things.

Oh God....

What this meaning Bro...?

 

If You already said then No one can come to reply na...?

 

Enka irunthu pa varuveenka...?!!

Eththanai peru pa kelampi irukkeenka...?!!

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On 09 September 2018 at 13:27
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indore
96 Points Joined February 2017
thanks for your valuable suggestions...
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On 09 September 2018 at 14:50
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
You are most welcome Dear... ...
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On 09 September 2018 at 14:56
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504 Points Joined December 2017
the fault of of the seller that it accepted , the ristriction and penalty is on seller not the buyer ......
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On 09 September 2018 at 15:11
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a
53 Points Joined December 2012
100 % penality on that...
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On 09 September 2018 at 20:07

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