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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
