purchase is restricted under 10000 still seller is taking more than 10000 in that case who is faulty seller is teling to
purchaser dont give me cash more than 10000 u r not allowd but still purchaser is not listeng he is giving so pls tell us who s is faulty and there is any fine on seller for taking more than 10000 pls reply
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Replies (4)
No fine........ or penalty over seller to take cash...... provided he issues tax invoice with GST charged over it....... and properly accounts it..........
if the same purchaser purchase value exceeded More than 2.5 lac the seller may be deduct n pay the IT tax is it right Sir / Madam
If the invoice value is 2 lakhs or more, the seller cannot receive cash, he must get the payment by any banking channel. Or u/s. 269ST of IT act, he will be penalized for equal amount of the receipt.
Yes. Above two Lakhs cash is not allowed as per income tax act.
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