Menu
Payment in cash
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???
Replies (14)
Not Allowed,
You have to Pay Penalty.
You have to Pay Penalty.
have you paid 2 lakhs in a day or different days ?
That Doesn't matter, if payee and receiver is same, then Penalty Applies
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.
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.
the payment is made on a single day...to a single person... without any deductions of TDS or TCS as applicable..
| 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...
Yes , now the payment is disallowed , consult you CA he would definitely help you break the payment into different dates.
| 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%
I already said, but some so called experts suggesting over smart things.
| 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...?!!
thanks for your valuable suggestions...
You are most welcome Dear... ...
the fault of of the seller that it accepted , the ristriction and penalty is on seller not the buyer ......
100 % penality on that...
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
