Cash above 20000 against fixed assets sale

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2011 DEAR EXPERTS

WE ,PROPRIETORY CONCERN, SOLD CAR FROM FIXED ASSETS

WE RECEIVED THE PAYMENT IN CASH.

IS THERE ANY PROBLEM TO ACCEPT THE PAYMENT IN CASH

THANKS

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 November 2011 There is no problem in accepting cash.
Sometimes Income Tax Officers disagree with the figure of sale amount, so it is better to keep the agreement's copy specifying the amount therein or any documentary evidence showing the amount.

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2011 thanking you MR PRASAD BAFNAJI.

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