banner_ad

Cash Receipt above Rs.20,000/-

This query is : Resolved 
Profile Image

Profile Image

(Querist)
15 May 2008 1.We cannot make a single payment or several payment in a year in cash above RS.20000/- but i want to know whether we can recive amount above Rs.20000/- in cash.

2.If No, can i know the relevant income tax section under which it is not allowable?

3. For eg a company is selling a scrap of waste material which is not his regular business.The company has made excise bill of Rs.42,000/- the company receives the amountin cash from the party to whom the scrap was sold.

Can we show a single receipt of Rs.42,000/- as cash received for sale or is their any way to show the same.
Profile Image

Amit Sharma

Profile Image

Amit Sharma (Expert)
15 May 2008 Section 40 A(3) just mentions about payment made above 20,000 should be dis allowed it does not speak about receipts.

In your case anyways the amount received is considerably less, conclusion from this is that you can show a single recepit of Rs.42,000 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details