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Clarification on Cash sale of agricultural produce by cultivators/agriculturist

Income Tax - 27/2017 - Dated:- 3-11-2017 - Circular No. 27/2017 F. No. 370149/213/2017 -TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, Dated 3rd November, 2017 Representations have been re .....

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1961 ('the Act') provides for the disallowances of expenditure exceeding ₹ 10000 made otherwise than by an account payee cheque/draft or use of electronic clearing system through a bank account. However, rule 6DD of the Income-tax Rule .....

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ch produce. Therefore, no disallowance under section 40A (3) of the Act can be made if the trader makes cash purchases of agricultural produce from the cultivator. 3. Further, section 269ST, subject to certain exceptions, prohibits receipt of ₹ .....

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