Cash/bank reciepts from party
This query is : Resolved
13 December 2010
Sir
1. what is the limit of cash recieving from sundry debtors in one day?
2. Can a debtor deposit any amount in cash in my account at his home town, eg i live in delhi, can a debtor residing in Nagpur deposit 49000 cash in my bank account at nagpur.
Please note that the payment is recieved against sales of merchandise, and depositor shall resale the said merchandise, so he shall not claim the payment as expense but as purchase
1. what is the limit of cash recieving from sundry debtors in one day?
2. Can a debtor deposit any amount in cash in my account at his home town, eg i live in delhi, can a debtor residing in Nagpur deposit 49000 cash in my bank account at nagpur.
Please note that the payment is recieved against sales of merchandise, and depositor shall resale the said merchandise, so he shall not claim the payment as expense but as purchase
sudhakar ca cwa
(Expert)
14 December 2010
for 1. No limit
2. he can deposit in ur account.
2. he can deposit in ur account.
Message likes :
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Bimal Thacker
(Expert)
14 December 2010
From Income tax point of view, You don't have problem but the payer if deposit more then 20000 in a day the expenses will disallowed in his case.
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