Cash sale exceeding rs 20000

Now the limit of Cash payment per day has been extented to 30,000 from 20,000.

There is no limit for cash sales. However it is advisable to keep the information of customers to whom cash memo exceeding Rs.50,000 is raised.

Originally posted by : M. ANUPAMA
	Now the limit of Cash payment per day has been extented to 30,000 from 20,000.

That limit is extended only for goods carriage and to Rs 35,000/- rest it is Rs 20,000/- only..

Cash sales is not a matter of serious concern under income tax act 1961, although proper invoicing are required to record such cash sales in books.

Section 40 A( 3) of income tax Act 1961 deals with only cash payment against expenditure exceeding Rs. 20,000/- or  30,000/- as the case may be.

I agree to Mr.Siay 's clarification

Originally posted by : siya.
	Cash sales is not a matter of serious concern under income tax act 1961, although proper invoicing are required to record such cash sales in books. Section 40 A( 3) of income tax Act 1961 deals with only cash payment against expenditure exceeding Rs. 20,000/- or  30,000/- as the case may be.

Agreed

There is no such limit in receiving of cash by cash sales rather there is limit on cash payment.

The maximum allowable payment of cash in a single day as per the sec. 40A(3)  of Income Tax act, 1961 is 20000 and 35000 (in case of tranport co.).

sir

In continuation of above please suggets, can we do cash sales, simply write cash sales on bill under gst if bill amount is rs 40000 to rs 45000  or we have to give name of the purchasers.