https://www.taxtmi.com/circulars?id=56398 Payments by traders in cash to cultivators for agricultural produce are excluded from the general disallowance that applies to payments made otherwise than by account payee cheque/draft or electronic transfer, by virtue of the rule that carves out purchases from cultivators. However, a statutory prohibition restricts large cash receipts by cultivators unless received by cheque/draft or electronic transfer; PAN/Form 60 quoting requirements do not apply to sale transactions at or below the statutory threshold. Cash sales below that threshold do not cause disallowance, do not attract the cash receipt prohibition, and do not require PAN/Form 60. en-us Fri, 03 Nov 2017 00:00:00 +0530 Fri, 03 Nov 2017 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=56398 Payments by traders in cash to cultivators for agricultural produce are excluded from the general disallowance that applies to payments made otherwise than by account payee cheque/draft or electronic transfer, by virtue of the rule that carves out purchases from cultivators. However, a statutory prohibition restricts large cash receipts by cultivators unless received by cheque/draft or electronic transfer; PAN/Form 60 quoting requirements do not apply to sale transactions at or below the statutory threshold. Cash sales below that threshold do not cause disallowance, do not attract the cash receipt prohibition, and do not require PAN/Form 60. Circulars Income Tax Fri, 03 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/circulars?id=56398