Kollipara Sundaraiah (B.com) (2963 Points)
30 December 2020A Rice goods selling business trader purchases and sales tranctions amounts casg payments and cash receipts through on online mode like google pay and phone pay and and payteam mode.
Question:
dealer how much cash receipts and cash payment amount limits through on oneline mode one finicial year in i.t.act
Deepak Gupta
(CA Student)
(15922 Points)
Replied 30 December 2020
Such payments are not considered as cash payment.
They are included under other prescribed electronic modes [Rule 6ABBA].
Hence, no restrictions like cash payments.
Note: Only UPI mode in the apps will be considered under the said rule and not wallets.
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