cash receipt more than of Rs.20000/ on sales
This query is : Resolved
20 April 2009
On regular sales invoices prepared taxing MVAT and cash amount against the sales received is subsequently deposited in Banks. Sometimes a single invoice may be of more than Rs. 5 lakhs and there is no credit sales or cheque payment. Please clarify any problem with Income Tax.
20 April 2009
Please check the following link. Limit is for payment but not receipt
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=50171
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=50171
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