Cash sale

24 July 2018

daily sale 40000
BTo B 5000
remaining 35000 cash retail sale

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5 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 24 July 2018

No problem

Arunachalam (Proprietor) (186 Points)
Replied 24 July 2018

What is the limit for cash sales then?

Sarath Rajendran (Nil) (2791 Points)
Replied 24 July 2018

RS. 2,00,000 applicable with the following section

After section 269SS of the Income-tax Act, the following section shall be inserted, namely:—

'269ST. Mode of undertaking transactions.—No person shall receive an amount of two lakh rupees or more—

(a)		in aggregate from a person in a day; or
(b)		in respect of a single transaction; or
(c)		in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

Provided that the provisions of this section shall not apply to—

(i)

any receipt by—

(a)		Government;
(b)		any banking company, post office savings bank or co-operative bank;

(ii)		transactions of the nature referred to in section 269SS;
(iii)		such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.

Explanation.—For the purposes of this section,—

(a)		"banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;
(b)		"co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.