REPAYMENT OF ADVANCE IN CASH ALLOWABLE OR NOT
This query is : Resolved
22 September 2019
DEAR SIR / MADAM
PLEASE SUGGEST ME
MY CLIENT AS RECEIVED MATERIAL ADVANCE OF RS.150000 IN CASH AFTER TWO MONTH THE PARTY WANTED TO RETURN BACK HIS ADVANCE CAN PAID THE ADVANCE IN CASH OR CHEQUE. IF I PAID ADVANCE RETURN BY CASH IS THERE ANY PENALTY IN INCOME TAX
PLEASE SUGGEST ME
MY CLIENT AS RECEIVED MATERIAL ADVANCE OF RS.150000 IN CASH AFTER TWO MONTH THE PARTY WANTED TO RETURN BACK HIS ADVANCE CAN PAID THE ADVANCE IN CASH OR CHEQUE. IF I PAID ADVANCE RETURN BY CASH IS THERE ANY PENALTY IN INCOME TAX
22 September 2019
No penalty up to 2 lacs for repayment of advance in cash.
22 September 2019
Yes... I agreed to Mr CA SEETHARAMAN Sir view..
Also better to pay through banking mode..
04 June 2020
No problem in receiving or payment up to Rs. 2 Lacs
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