Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax >

cash recieving of more than 20000 in one day

    Post New Topic
Pages : 1 2





account manager


[ Scorecard : 30]
Posted On 19 June 2010 at 02:44 Report Abuse

the office at times recieves cash from customers in excess of 20000 against sales. How should we handle this situation as per IT rules.


Online classes for CA CS CMA



DT Fundas - Tarun rustagi
Author


[ Scorecard : 1105]
Posted On 19 June 2010 at 06:20

dear friend

law has specified treatment of expenditute and payment not for receipts.u can receive any amont in cash and book this in books of a/c.





SIVASIVA
FCA, Future CA


[ Scorecard : 4903]
Posted On 19 June 2010 at 08:10

Originally posted by : tarun rustagi

dear friend

law has specified treatment of expenditute and payment not for receipts.u can receive any amont in cash and book this in books of a/c.

YES




SAURABH
AUDIT HEAD


[ Scorecard : 47]
Posted On 19 June 2010 at 10:51

There will be no tax liability on receipt of cash exceding rs.20000/-in  a same day.




CA Usha Rani Challa
CA


[ Scorecard : 139]
Posted On 19 June 2010 at 12:41

There is a section in income tax act which deals with this case. U/s 269SS & u/s 269T receipt in excess of Rs. 20,000/- not allowed in cash otherwise than an account payee cheque or account payee bank draft.

For details follow this link

http://www.taxguru.in/income-tax/provisions-of-section-269ss-and-269t-under-income-tax-act.html




deepesh
Article


[ Scorecard : 28]
Posted On 19 June 2010 at 13:48

Dear All

Sec 269SS & T is only for loan or advance taken or payment(Balance Sheet item). So if the assessee has taken or has given any loan then he is not allowed to pay Rs20000/- in cash or receive the same.

for P/L items, In no way Rs. 20000/- can be paid in cash in one day to one party but there is no limit for any receipts, as the problem then lies with the giver and not taker.So still if the assessee wants to deal then he can simply break the amounts in Rs.20000/- or less in one voucher in one date.




mehul kishnani
student


[ Scorecard : 264]
Posted On 19 June 2010 at 15:07

hi

i agree with dipesh. section 269SS & T does not attract for the receipt for narmal sale of goods or services. it is only applicale for the loan accepted or given in cash. t




manisha ahuja
article clerk


[ Scorecard : 141]
Posted On 19 June 2010 at 15:20

hw witty.....question......




Member (Account Deleted)
ALWAYS READY TO LEARN NEW THINGS


[ Scorecard : 10481]
Posted On 19 June 2010 at 18:24

the rule of 20000 cash is for payment only . you can made cash sale in excess of rs. 20000 also




RAKESH
Almost CA


[ Scorecard : 2183]
Posted On 19 June 2010 at 23:53

Originally posted by : deepesh

Dear All

Sec 269SS & T is only for loan or advance taken or payment(Balance Sheet item). So if the assessee has taken or has given any loan then he is not allowed to pay Rs20000/- in cash or receive the same.

for P/L items, In no way Rs. 20000/- can be paid in cash in one day to one party but there is no limit for any receipts, as the problem then lies with the giver and not taker.So still if the assessee wants to deal then he can simply break the amounts in Rs.20000/- or less in one voucher in one date.


There are 13 Replies to this message





Related Files








Related Threads


Post your reply for cash recieving of more than 20000 in one day



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.




Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top