SIR I AM PAID CASH RS. 1,20,000 TOWARDS PURCHASES IS THIS ALLOWABLE OR NOT
1.) IF PURCHASES AN AGRICULTURE PRODUCTS FROM FORMERS
2.) IF PURCHASES OTHER THAN AGRICULTURE PRODUCTS FROM OTHERS (NOT FROM FORMERS)
PLEASE TELL THE ABOVE TWO QUERIES IF CASH PURCHASES MADE ABOVE 20,000
TOTAL SALES RS. 2,55,000 SALES DATE (16-07-2012) OUT OF THIS
ADVANCE RECEIVED RS. 1,50,000 BY WAY OF CASH (DATE-12-07-2012)
REMAINING RECEIVED RS. 1,05,000 BY WAY OF CHEQUE (DATE-16-07-2012-a/c Payee Cheque)
Please Tell the Above Sales Transactions are correct or not, if any amount is disallowed please tell u/s which section.
CAclubindia
