customer deposit cash in current account of suppliers

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MOHAMMED ASGAR Bhati (Querist)
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30 May 2017 Dear Experts, Please clarify on cash deposited by the customer directly to our bank account will be considered as cash transaction or will consider transaction through bank U/S 269ST. can customer deposit cash in suppliers current account agaist purchases.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 May 2017 Such deposits will be treated as cash transactions, 269ST limit(2 lacs) applicable for such deposits.

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MOHAMMED ASGAR Bhati

MOHAMMED ASGAR Bhati (Querist)
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30 May 2017 accounting to income tax rule is it right or wrong ????

MOHAMMED ASGAR Bhati

MOHAMMED ASGAR Bhati (Querist)
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30 May 2017 according to income tax rule is it right or wrong ????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 May 2017 It is wrong as per income tax rules.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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31 May 2017 Such transaction is cash transaction & it will attract penalty upto 100% of amt in case of receiver.

MOHAMMED ASGAR Bhati

MOHAMMED ASGAR Bhati (Querist)
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31 May 2017 Are u sure that nobody can deposit cash in suppliers current account. pls send rules copy or section of income tax.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 May 2017 Up to 2 lacs cash can be deposited refer section 269ST.

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