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effect of transaction beyond Rs.20,000/- or Rs.20,000/-

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(Querist)
16 June 2009 Hi

What is the effect of transaction like sale or purchase in cash Rs.20,000 or
greater than Rs.20,000.
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CA.BHARAT BHUSHAN

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CA.BHARAT BHUSHAN (Expert)
16 June 2009 There will be no effect of cash sales above Rs.20,000/- on you, but if cash purchase above Rs.20000/- is made then it will be disallowed and your profit will be added with this purchase accordingly.
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Prasad R

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Prasad R (Expert)
16 June 2009 Cash purchases above Rs 20000 will be disallowed as per Section 40A(3) of the Income Tax Act.
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