QUERY ABOUT CASH SALES/ RECEIPT
This query is : Resolved
24 June 2022
Please advise :
1. In case assessee issues sales invoices below two lacs in a day and various transactions in a year to single buyer.
2. In second case Some of the sales invoices are above two lacs out of which he received cash below Rs.2 lacs per sales invoice in a single day/ transaction and the difference amount (invoice amount less cash received) is received through banking channel.
3. Overall Limit of Cash receipt as Unsecured from a person is Rs.20000/- or 10000/- .
Is there any restriction to receive cash in the above circumstances under the provisions of Income Tax.
1. In case assessee issues sales invoices below two lacs in a day and various transactions in a year to single buyer.
2. In second case Some of the sales invoices are above two lacs out of which he received cash below Rs.2 lacs per sales invoice in a single day/ transaction and the difference amount (invoice amount less cash received) is received through banking channel.
3. Overall Limit of Cash receipt as Unsecured from a person is Rs.20000/- or 10000/- .
Is there any restriction to receive cash in the above circumstances under the provisions of Income Tax.
07 July 2022
Cash sales per bill allowed as mentioned upto 1.99 L per bill. There the same person is not involved. When any buyer is involved (as per ledger entry,) 10K is the limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
