24 November 2012
One of the person doing business in purchase and sale of gold, he purchase pure gold for Rs.7,00,000/- in the market i.e in jewelery shop by paying cash and taken two bills each of Rs.3,50,000/-. What are the provisions are applicable for both purchaser and seller. Pl. explain. Thank you.
03 December 2012
for purchaser it is normal purchase but it is not from a registered dealer the purchase will attract purchase tax under commercial taxes and of course rule 6dd and disallowance for payment of cash for expenses inexcess of Rs.20000/- in a day.
for seller normal sales tax will be applicable if not opted for compounding