WebPaying/Receiving cash beyond these limits attracts a heavy penalty which can be up to 100% of the amount received/paid. Here is the list of various restriction which is imposed … WebOct 21, 2024 · The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme), for April 2024 has been extended from 13th May to 28th May 2024. ... Accordingly, they …
Receipt or Payment In Cash (Cash Transactions) under Income
WebJul 23, 2024 · For the purpose of this proviso, we need to check the transactions contained therein. 1. Receipt Side Of Cash Account. Proviso says, if the aggregate of all amounts received including the amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed 5% of all such receipts then the limit of 5 crore ... WebFeb 1, 2024 · The provisions of Sec.40A(3) are attracted only when a payment exceeding Rs. 10,000, at a time is made in a mode other than account-payee cheque/draft. … how to take a driving test
Cash Sale Limit under GST / Income Tax Act - TaxGuru
WebJun 26, 2024 · Is there any limit on the amount that could be transferred using NEFT/RTGS for a GST payment? As per current regulations, NEFT can be done for any amount more than 0 (you can even transfer INR 1.00) but NEFT does carry a maximum limit of INR 1,99,999 in many banks. RTGS can be done for a minimum of INR 2,00,000 up to any … WebDec 28, 2024 · The Government's decision on mandatory payment of at least 1% of GST tax liability in cash will only apply to establishments having an annual turnover of Rs. 6 … WebFeb 20, 2024 · The Income Tax Department has been levying 1 per cent TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh since July 1, 2012. However, the Budget for 2016-17 had imposed TCS of 1 per cent on goods and services purchased in cash over Rs 2 lakh. The Finance Bill 2024 states that current … how to take a dragging screenshot