banner_ad

Cash Receipt above Rs.20,000/-

This query is : Resolved 
Profile Image

Profile Image

(Querist)
15 May 2008 1.We cannot make a single payment or several payment in a year in cash above RS.20000/- but i want to know whether we can recive amount above Rs.20000/- in cash.

2.If No, can i know the relevant income tax section under which it is not allowable?

3. For eg a company is selling a scrap of waste material which is not his regular business.The company has made excise bill of Rs.42,000/- the company receives the amountin cash from the party to whom the scrap was sold.

Can we show a single receipt of Rs.42,000/- as cash received for sale or is their any way to show the same.
Profile Image

Amit Sharma

Profile Image

Amit Sharma (Expert)
15 May 2008 Section 40 A(3) just mentions about payment made above 20,000 should be dis allowed it does not speak about receipts.

In your case anyways the amount received is considerably less, conclusion from this is that you can show a single recepit of Rs.42,000 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details