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
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