What would be the situation
if we purchase the goods of Rs 60000 for reselling purpose and made the payment in cash not through cheque.
will it be allowed as valud purchase per income tax or disallow?
Regards
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Cash Purchase
Replies (2)
100% penalty if expenses thru. cash (above 10000 )
Dear Manish,
There is no limit in GST specification, But as per Income Tax rules you can not do cash txn more than Rs. 10000 with your supplier in a day.
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