Sec 269 SS and 269ST of IT Act talks about only loans and deposits. hence it is it correct that a person can make cash sales over Rs 10000 say for ! Lakh? of course the new cash trasaction limit of Rs 2 Lakhs will apply
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 10 April 2017
Yes he can do cash sales of any amount subject to cash receipts u/s. 206ST. Only the purchaser has to be careful in case of any claim of the cash expenditure.
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