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CASH DEPOSIT IN SUNDRY CREDITORS A/C

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 May 2011 Dear Sir,

Can we deposit >Rs. 20000/- by cash in our sundry creditor's (Supplier) bank a/c in a single day against his balance.

We have cash in hand >20000 in the same day
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CA. Saurabh Agrawal

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CA. Saurabh Agrawal (Expert)
07 May 2011 yes you can recieve cash above 20000 there is no provision in income tax which is for reciept
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
07 May 2011 Even if you have cash in hand of more than 20000, depositing cash in his bank account in excess of Rs. 20000 will attract the provisions of Sec 40A(3) which will be disallowed.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
07 May 2011 @ CA. Saurabh Agrawal, the author is asking for cash deposit in suppliers account, not receipt from customer.
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