Amount credited by clients in bank accounts
This query is : Resolved
ramanjaneya kumbara
(Querist)
01 May 2014
If I accept amount for payment of Income Tax, VAT, Service Tax more than Rs.10.00 lakhs in single payment and same has been paid through e-Payment.
What is the consequence for this transaction?
What is the consequence for this transaction?
Nikhil Kaushik
(Expert)
02 May 2014
there are no consequences for such transaction. However, ensure that you issue appropriately worded invoice (reimbursement) to maintain paper trail for such transfers.
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