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
14 December 2010
for 1. No limit
2. he can deposit in ur account.
2. he can deposit in ur account.
Message likes :
1 times
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.
Message likes :
1 times
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- GST Rate for Catering Services
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
