Question about 1% tax on cash purchase over 2 lakh
gekco (B.Com) (170 Points)
06 October 2016gekco (B.Com) (170 Points)
06 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171414 Points)
Replied 06 October 2016
Yes you are correct, no need to pay 1% tax; but better to pay through cheque whenever possible.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 06 October 2016
Hope you are referring to TCS. As I understand, TCS is applicable transaction-wise (i.e. based on the invoice value and cash received). If both are <=2 lacs per transaction, then no TCS is applicable. Refer link for more details (Q19 in particular): https://goo.gl/vGOazV
gekco
(B.Com)
(170 Points)
Replied 06 October 2016
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)