Cash limit
This query is : Resolved
Prakash Kumar Singh
(Querist)
08 May 2014
Dear all member ,we are the dealer of car of all Bihar(Renault), some costumer bye the car in cash, that is maximum to rs. 12 lakh. in that case we always note their pan no. but sum time they take back their money,but in that case what should we do. can we take cash for sale of car or we should maintain limit of cash (20,000)
Nikhil Kaushik
(Expert)
09 May 2014
see as such its not an expense...nor it is an advance or deposit under 269SS 269T. however, as a safe practice you should insist on repayment through cheque.
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