Cash above 20000 against fixed assets sale
Querist : Anonymous
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
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
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