can we purchase cotton from farmer in cash 2 lakh or abover give notification or circular in this case
regards
From Seller's point of view NO.
Section 269ST applicable even to farmer.
4 Replies
ANIMESH CHOWDHARY
(Practicing CA)
(305 Points)
Replied 04 December 2018
Yes. It is covered under the exception mentioned in Rule 6DD of Income tax Rules where it is said that purchase of an agricultural produce is covered under exception & cotton is an agricultural product.
ANIMESH CHOWDHARY
(Practicing CA)
(305 Points)
Replied 04 December 2018
But it should be under Rs.2,00,000 because sec 269St is also applicable on agriculturist.
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