cash receipts and payment

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ASHOK KUMAR (Querist)
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07 July 2019 Dear Sir , please explain what's is the existing rules for cash receipts and cash payments in a proprietor concern i.e limits

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 July 2019 Cash receipts should not be 2 lacs and above and cash payments should not exceed 10,000.

ASHOK KUMAR

ASHOK KUMAR (Querist)
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07 July 2019 Sir, we have to pay 198500/- towards purchase of steel, can we do single payment Rs. 198500/-

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 July 2019 No, you can't make payments exceeding 10,000 in cash.

ASHOK KUMAR

ASHOK KUMAR (Querist)
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07 July 2019 Sir, here I have a doubt while receiving more than 10000/- amount from other party, how they will do???
Bcz in their books can shown payment more than rs. 10000/- I. E.. Limit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 July 2019 Those payers might be agriculturists for whom income tax laws not applicable.

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