customer deposit cash in current account of suppliers
This query is : Resolved
MOHAMMED ASGAR Bhati
(Querist)
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
(Expert)
30 May 2017
Such deposits will be treated as cash transactions, 269ST limit(2 lacs) applicable for such deposits.
Message likes :
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MOHAMMED ASGAR Bhati
(Querist)
30 May 2017
accounting to income tax rule is it right or wrong ????
MOHAMMED ASGAR Bhati
(Querist)
30 May 2017
according to income tax rule is it right or wrong ????
CA R SEETHARAMAN
(Expert)
31 May 2017
It is wrong as per income tax rules.
CA Rashmi Gandhi
(Expert)
31 May 2017
Such transaction is cash transaction & it will attract penalty upto 100% of amt in case of receiver.
MOHAMMED ASGAR Bhati
(Querist)
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
(Expert)
31 May 2017
Up to 2 lacs cash can be deposited refer section 269ST.
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