Receipts in physical cash

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Prudvi Raj Saya (Querist)

21 February 2013 What are the statutory restrictions on receipt of physical cash on sale of assets/ sale of goods/services? What are implications on recipient? Not concerned about the problems of cash payer.

Please quote the sections and specific acts if possible.

Thanks

Vishaljeet Singh

Vishaljeet Singh (Expert)

21 February 2013 According to Sec 269ss, you can't receive physical cash against any thing in excess of Rs.20000 (whether it is unsecured loan or sale of assets whatever) !

Prudvi Raj Saya

Prudvi Raj Saya (Querist)

21 February 2013 Sec 269ss deals only with "Mode of taking or accepting certain loans and deposits"

Doesnt deal with sale of assets and goods/services.

So anything affecting cash receipt on sale of assets/goods/ services?

Vishaljeet Singh

Vishaljeet Singh (Expert)

21 February 2013 You can check out this link "https://www.caclubindia.com/experts/excess-recd-of-payment-more-than-20000-in-cash-970635.asp#.USXq_h08Dvk"

Prudvi Raj Saya

Prudvi Raj Saya (Querist)

21 February 2013 Anyone else, please?

Vishaljeet Singh

Vishaljeet Singh (Expert)

21 February 2013 With pleasure....

Prudvi Raj Saya

Prudvi Raj Saya (Querist)

21 February 2013 @vishaljeet singh: Iam not talking to you.

Can anyone else respond please.

CA Priyank Singhi

CA Priyank Singhi (Expert)

22 February 2013 There is no provision regarding this. The provision only says that you cannot pay, it does not mention whether you can receive or not.

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