QUERY ABOUT CASH SALES/ RECEIPT
This query is : Resolved
vipin minocha
(Querist)
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.
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