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The Income Tax Department has clarified that PAN card is not required for cash sale of agri produce up to ___ lakh/day.
The Income Tax Department has clarified that PAN card is not required for cash sale of agri produce up to ___ lakh/day.
1). 1
2). 2
3). 3
4). 4
1 answers
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The Income Tax Department has clarified that the cash sales of agricultural produce by a cultivator to a trader for less than 2 lakh rupees will not attract tax under the Income Tax Act. A circular issued by the Department stated the cultivator and the trader will also not have to provide their Permanent Account Number. Sushil Chandra is the Chairman of Central Board of Direct Taxes (CBDT).
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