Cash payment received in advance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2014
freinds,if a person receives in advance from his customers Rs. 5000 p.m. in cash every month as advance and at the end of year he issues the customer bill of rs. 60000 and in some cases it does not issues bill and amount of Rs. 60000 remains stand as it is at the end of year.whether provision of sec. 269ss gets attracted in either case as he when he issues bill and when he does not issues bill because he received as advance in cash excess of RS. 20000
30 August 2014
If the advance is for purchase of goods or rendering if services then Section 269SS is not attracted in both the cases.
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