I have made debit sale of Rs. 3,50,000/- on 20.09.2023 to a person against which I purchased old goods worth Rs. 50,000/- from him. He paid remaining Rs. 1,50,000/- in cash and Rs. 1,50,000/- through NEFT on 24.09.2023 and thus on 24.09.2023 his account is settled in my books of accounts.
Now can I again sale him goods worth Rs. 75,000/- on 02/10/2023 and received cash against the same bill?
03 October 2023
Sir, Such Cash transaction limit is to be seen transaction wise or yearly basis for applicability of Form 61A. As in above case cash receipt is Rs. 2,25,000 (Rs. 1,50,000+Rs. 75,000) in a Year.
CAclubindia
