How much amount pay in cash to wholeseller
This query is : Resolved
25 April 2017
HOW MUCH AMOUNT RETAILER CAN PAY TO WHOLESELLER AGAINST ONE BILL IN CASH ?
25 April 2017
The cash payments to a particular person / a party has been limited or reduced to Rs 10000 from 20000 for cash expenses u/s 40A(3)..
Message likes :
1 times
25 April 2017
I ASKED ABOUT BILL OF GOODS PURCHASE NOT ANY EXPENCES ?
25 April 2017
Retailer should pay less than Rs 200000/- in respect of single bill to wholesaler otherwise wholesaler will invite penalty. In other words the single bill shall not be of Rs 2 Lakhs or more. As for the retailer cash purchases would also amount to expenses as per a supreme court judgment so if retailer is claiming purchase as expenses in return such as in the case of audited return u/s 44AB then cash limit is Rs 10000/- as per section 40A(3).
Message likes :
2 times
27 April 2017
IF ANY ASESEE WHO ARE NOT AUDITED U/S 44AB
AND CHOOSING OPTION 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) APLIED OR NOT ?
AND CHOOSING OPTION 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) APLIED OR NOT ?
28 April 2017
ANY ASSESE WHO IS NOT IN AUDITED UNDER SECTION 44AB
AND CHOOSING OPTION OF 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) WILL APLY ON THAT ASESEE OR NOT ?
AND CHOOSING OPTION OF 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) WILL APLY ON THAT ASESEE OR NOT ?
28 April 2017
Though section 40A(3) does not speak of the same but technically since his accounts are not audited and he is filling return under presumptive taxation scheme u/s 44AD, he is anyway not allowed to claim expenses separately. As all expenses are deemed to have been allowed within the minimum rate of net profit of 8%. So as long as he is declaring 8% net profit, ection 40A(3) has no relevance for him.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
