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income tax

Nishu Kotian (332 Points)

08 September 2018

what is the cash payment and cheq payment limit to purchase party and expensess

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(Guest)

any payment in cash above ten thousand rupees to a person in a day, shall not be allowed as deduction in computation of Income from "Profits and gains of business or profession";

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Nishu Kotian (332 Points)
Replied 08 September 2018

in cheq what is the limit

(Guest)

No limit on bank transaction.. Its depend on business requirements

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Nishu Kotian (332 Points)
Replied 09 September 2018

cash sale is 50000 is allowed

(Guest)

See earlier reply on same post

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RAJA P M ("Do the Right Thing...!!!") (127957 Points)
Replied 09 September 2018

Originally posted by : Nishu Kotian
	cash sale is 50000 is allowed

Yes... No penalty If less than 2lakhs (1,99,999/-) Cash Sales. In case 2lakhs or above then penalty levied @ 100%.

Nishu Kotian (332 Points)
Replied 09 September 2018

yes i was see ur point cash sale limit is less 2 lac but i hav doubtt. its cleared .... thank uu

RAJA P M ("Do the Right Thing...!!!") (127957 Points)
Replied 09 September 2018

U r welcome...

As the above said 2lakhs limit is based on seller's view...

But, Better to avoid above said practice...
Bcoz,
In Buyers end it's disallowed in his accounts...

** GOOD LUCK