Dear sir
we have purchase some firewood for last year 2017 -18 by various cash bills and each value of cash bill is about 1 lakh we wish to know this purchase is right as per income tax provision of limit of cash purchase or wrong. Pl suggest
Suresh
2 Replies
Bharat Bohra
(154 Points)
Replied 20 September 2018
cash purchase in excess of rs 10000 made is disallowed as per sec 40A(3)
though their are certain exception but for purchase of fire wood is not covered under exception list
hence it is disallowed
though their are certain exception but for purchase of fire wood is not covered under exception list
hence it is disallowed
Suresh Jain
(proprietor)
(177 Points)
Replied 28 September 2018
Ok sir, Can I sell my 12 year Old Car in Cash @ 150000.00(. It is in Indivisual name but taking depreciation in Proprietorship firm.)
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