dear sir
according my knowledge, anybody can purchase and sales in cash below 2 lacs, if more than two lacs 100% penalty
above is right or wrong ?
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what is the income tax rules for cash sales purchase
Replies (2)
purchases come under the category of expenses and it's covered by section 40A(3) and the threshold is 20000 till a.y. 2017-18 and rs. 10000 from a.y. 2018-19. in respect of sales if u receive cash more than 2 lakhs from a person in a day or in respect of single transaction or event, then 100% of amount shall be levied as penalty u/s. 269st
agar 10000 se less hota to 200000 ka saval hi nahi paida hota
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