watch_later 09/02/18

1) A business person can make sales to customer (end user) more than Rs10000/- with tax invoice  any penalty charged by  income tax?

2) A Business person purchase a goods relating to business more than Rs 10000/- any penalty charged by the income tax?

1 Response | Latest response: 09/02/18 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 09/02/18

With sale there is no issue. You can make sales for upto 2 lakh with a single person in cash.

For purchase you cannot pay more than Rs. 10,000 for a single transaction, it will be disallowed under income tax.

Read Cash transaction under income tax


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