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Cash Receipt above Rs.20,000/-

This query is : Resolved 
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(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.
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Amit Sharma

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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 .
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