Cash receipt
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2015
ONE OF MY CLIENT HAVE BUSINESS RECEIPTS OVER RS. 2.0 CRORE, MEANS COVERED FOR AUDIT U/S 44AB. ALL RECEIPTS ARE IN CASH BETWEEN 1-5 LACS. DO HE HAS TO MAINTAIN DETAILS OF HIS CUSTOMERS LIKE NAME ,ADDRESS,PAN.HE IS DEPOSITING ALL THE CASH TO BANK ,AND MAXIMUM OF PAYMENTS ARE THROUGH BANK ONLY. MEANS RECEIPTS ARE IN CASH BUT PAYMENTS ARE THROUGH BANK , IS THERE ANY PROBLEM.
29 May 2015
yes he needs to maintain books of accounts as per sec 44AA
Nikhil Kaushik
(Expert)
31 May 2015
receipts in cash are not a problem for you. but proper maintenance of books under 44AA is compulsory.
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