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Cash receipt

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 May 2015 ONE OF MY CLIENT HAVE BUSINESS RECEIPTS OVER RS. 2.0 CRORE, MEANS COVERED FOR AUDIT U/S 44AB. ALL RECEIPTS ARE IN CASH BETWEEN 1-5 LACS. DO HE HAS TO MAINTAIN DETAILS OF HIS CUSTOMERS LIKE NAME ,ADDRESS,PAN.HE IS DEPOSITING ALL THE CASH TO BANK ,AND MAXIMUM OF PAYMENTS ARE THROUGH BANK ONLY. MEANS RECEIPTS ARE IN CASH BUT PAYMENTS ARE THROUGH BANK , IS THERE ANY PROBLEM.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 May 2015 yes he needs to maintain books of accounts as per sec 44AA
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 May 2015 receipts in cash are not a problem for you. but proper maintenance of books under 44AA is compulsory.




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