Cash management in case small scrap traders
This query is : Resolved
05 November 2018
Hello,
i want to ask that if a small scrap traders does the transactions in cash exceeding Rs 50000 per day then what would be the questions that income tax department may ask to them,
i want to ask that if a small scrap traders does the transactions in cash exceeding Rs 50000 per day then what would be the questions that income tax department may ask to them,
08 November 2018
There is no issue inn Receiving cash from sale of scrap to the extent mentioned by you. Whereas, any purchase of scrap made by you in cash from any person in day for more than Rs. 10,000.00 shall be disallowable under Income tax except the purchase made by you in such a village which does not have the banking facility
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
