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REPAYMENT OF ADVANCE IN CASH ALLOWABLE OR NOT

This query is : Resolved 
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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 September 2019 No penalty up to 2 lacs for repayment of advance in cash.
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RAJA P M

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RAJA P M (Expert)
22 September 2019 Yes... I agreed to Mr CA SEETHARAMAN Sir view.. Also better to pay through banking mode..
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
04 June 2020 No problem in receiving or payment up to Rs. 2 Lacs
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