CASH RECEIVED FROM FORMERS ABOVE 2 LACK
This query is : Resolved
31 January 2021
DEAR SIR PL SUGGEST ME MY CLIENT IS RUNNING A BUSINESS OF AGRICULTURAL RELATED MACHINERY AND EQUIPMENT THE SALE BILL OF EQUIPMENT AND MACHINERY ABOVE 2 LACKS. OUR CUSTOMER IS FORMER FROM DIFFERENT PLACES. SOME OF THE CLIENT HAVE NO BANK ACCOUNT OBTAINED AND SOME THE VILLAGE NO BANK THERE. THEY GIVE CASH PAYMENT ABOVE 2 LACK. BUT AS PER INCOME TAX ABOVE 2 LACK RECEIVED FROM SINGLE TRANSACTION IS OFFENCE AND BILL IS ABOVE 2 LACK . THE DISTANCE BETWEEN FORMER AND CLIENT AROUND MINMIUM 25 TO 200 KILOMETER IF FORMER DIRECTLY DEPOSIT CASH TO OUR BANK ACCOUNT IS THERE ANY PENALTY COMES OR NOT PL SUGGEST ME SIR
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Read more at: https://www.caclubindia.com/experts/regarding-cash-deposit-to-account-2796884.asp
CA R SEETHARAMAN
(Expert)
01 February 2021
Penalty applicable for direct deposit of cash in to your account.
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