Receipts in physical cash

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Prudvi Raj Saya (Querist)
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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)
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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)
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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)
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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)
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21 February 2013 Anyone else, please?

Vishaljeet Singh

Vishaljeet Singh (Expert)
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21 February 2013 With pleasure....

Prudvi Raj Saya

Prudvi Raj Saya (Querist)
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21 February 2013 @vishaljeet singh: Iam not talking to you.

Can anyone else respond please.

CA Priyank Singhi

CA Priyank Singhi (Expert)
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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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