I am Trader in Kolkata, trading in imported goods.
1) What is the rule for selling goods in Hard Cash?
2) Can i sale any amount of goods in Cash and issue tax invoice and pay Vat to govt.?
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Tax invoice
Replies (8)
i think there is no ceiling limit for cash sale. you can make any amount of cash bill with tax amount. the collection against the bill must be by bank. you can collect the cash upto rs:20000.
The problem is the purchaser is ready to pay the bill amt with VAT but he cant give the money through banking channels. So is there any restriction on me in selling him goods. The purchser dont have VAT No. even. Please help me on this.
Dear Rounak, Noufal is right is there no restriction on cash sales but you collect cash agaist invoice in not more thn rs.20000/- and my advise is your all transctions should be connnected with bank because it helpfull later
BHAI MUZE ENGLISH NI AATI ISLIE HINDI ME REPLY DE RHA HU
1. SAMMNE WALI PARTY UNREGISTERD HE, I.E. YOU CANT ISSUE TAX INVOICE TO HIM.
2. YOU HAVE TO ISSUE SALE INVOICE TO HIM, OR TUM 20000 SE UPAR SALE INVOICE KAAT SAKTE HO NO MATTER. MAXIMUM LIMIT OF RS 50000 IN PRACTICALLY . OTHER WISE THER IS NO SPECIFIC LIMIT.
3. YE BAAT TO BEFKOOFI HE KI KEVAL 20000 HI RECEIVE KAROGE 1 DIN ME 1 PARTY SE... BHAI JITNE KA INVOICE HE UTNA AMOUNT LE SAKTE HO IN CASH
4. 20000 KI LIMIT KA FACT HE - AS PER INCOME TAX ACT 1962 KOI BHI EXPENSES 20000 SE UPAR IN CASH NI KR SAKTE OTHERWISE IT WOULD BE DISALLOWED THATS IT.
5. VESE BHI YAAR TUMHE TO PAYMENT LENI HE .... TENTION TO SAMNE WALI PARTY KO HONI CHAHIYE.... AND YE RULE PAYMENT KRNE PER HE PAYMENT LENE PR NHI.
HAVE A NICE DAY.
That i already said, You can collect the cash upto 20000 per day from him. Above Rs:20000 is not allowed per day from that party.
Naufal i think the rule says the purchaser should not buy in cash above 20000. But he can buy n pay above 20000 in a day its just that it wont be allowed as deduction. And seller has no restriction if buyer is ready to buy in such way. Please suggest.
You can bill to him at any amount
eg:- 75000/-
If you collect Cash from him, Please collect below 20000 per day. ie for completing the collection 4 days will take. You can collect full amount by bank in single day.
Sir noufal i understood what you trying explain me. But plz you now you to understand my point. This rule of 20000 is for income tax to claim the bill for deduction. And this restriction is for buyer not seller. So seller can sell if buyer is ready to buy in cash and dont want to take benefit of this deduction.
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