cash receipt in excess of rs. 20000/- from debtors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2011
suppose i am managing limited company' book of accounts. if my company has sold the goods of rs. 1,00,000 and it has received rs. 75000/- by cheque.
so can we now take rest rs. 25000/- in cash from our sundry debtors yes or not as per income tax rule.
yes or not give me reason for it.
so can we now take rest rs. 25000/- in cash from our sundry debtors yes or not as per income tax rule.
yes or not give me reason for it.
Vidya Jain
(Expert)
19 June 2011
In my view, per the income tax act the restriction is on payment and not for the . receipt. So,the company can take.
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