Amount receivable
This query is : Resolved
06 February 2012
I am running an educational institute. What maximum amount at a time can i receive in cash from a student in terms of course fees at a time.I am told it should not exceed Rs.20000/-. Pl clarify
06 February 2012
The limit of Rs.20000 in cash is not applicable for the receipt. It is applicable to the payments and which has expenditure nature. In your case your are the receiver and the student/students's parents are the payers and the course fee etc.. paid for the education purpose doesn't allowable as expenditure for income tax purpose. However tuition fee paid is eligible to deduction under section 80C in the hands of parents but for this deduction the limit to payment in cash not applicable/effects. So for your case any amount at a time you can receive and the parents can pay.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
07 February 2012
Thank you sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- TDS Challan Code
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- SGST balance is there in credit ledger how to adjust for cgst
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
