Sales made to a party
This query is : Resolved
ARUN GUPTA
(Querist)
26 July 2021
We had made sales to a party of Rs 10 lakhs in 2017.The party is now paying us by cheque of a different co and not by cheque of co from where sales were made. Can we accept payment from other co. How will we make enteries in books of Accounts? Will there be any issue from Income Tax of view?
CA R SEETHARAMAN
(Expert)
26 July 2021
Yes, you can accept cheque and adjust the old outstanding. No problem from income tax.
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