CBDT: Cash purchases upto Rs. 2 lakhs of agricultural produce from cultivator not disallowable u/s. 40A(3)

Nov 03,2017

CBDT clarifies that cash sales of agricultural produce by its cultivator to the trader less than Rs. 2 lakhs will not result in expenditure disallowance u/s. 40A(3) for traders; Further, prohibition u/s. 269ST (on accepting receipts otherwise than by account payee cheque, etc.) would not be applicable in case of cultivator for sale of agricultural produce less than Rs. 2 lakhs; CBDT also clarifies that cultivators are not required to quote PAN or furnish Form...


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