Sales by Cash
This query is : Resolved
11 May 2022
Mam / Sir
Mr X buys goods for Rs.4,05,223/- from Mr Y.
For this transaction, Mr X pays cash for the entire bill value i.e Rs.4,05,223/-
What will be the impact on both of Mr X & Mr Y for this cash transaction?
plz guide them
thanks in adv
Mr X buys goods for Rs.4,05,223/- from Mr Y.
For this transaction, Mr X pays cash for the entire bill value i.e Rs.4,05,223/-
What will be the impact on both of Mr X & Mr Y for this cash transaction?
plz guide them
thanks in adv
11 May 2022
Penalty of equal amount payable by Y as per section 269ST.
X's purchase expenses will be disallowed under section 40(A)(3).
X's purchase expenses will be disallowed under section 40(A)(3).
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