Income Tax Cash Purchase Limit
This query is : Open
21 February 2024
Respected Sir
The Cash Expenses Limit in Income tax is Rs.10,000
My first question is - is this limit Include Purchase of goods
If we Purchase goods for sale more than 10,000 then we have to pay this amount other than Cash ???
And the Second question is if we declare our income under presumptive u/s 44ad than also this rules are applicable ???
The Cash Expenses Limit in Income tax is Rs.10,000
My first question is - is this limit Include Purchase of goods
If we Purchase goods for sale more than 10,000 then we have to pay this amount other than Cash ???
And the Second question is if we declare our income under presumptive u/s 44ad than also this rules are applicable ???
21 February 2024
2nd question, No issues. this is not applicable...
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21 February 2024
For 1st question, above 10k cash is restricted. If purchase exceeds above 10k then yes You must be pay through banking mode....
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