13 April 2013
If in case of a company if the debtors have made the cash payments exceeding Rs. 20000/- directly into the bank account of the company instead of giving payment through account payee cheque or DD.
Then in this case if there is violation of provision of income tax regarding not making cash payment for more Rs. 20000/-.
13 April 2013
Your case is regarding receipt of cash not the payment of cash. For cash receipts section 40A(3) will not attracts. So in your case you didn't face any problem.
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