Sir,
Can we accept unlimited cash towards supply of material ?
Will it be harmful under Income Tax Law ?
Will it be taxed ?
Is there any case law for this, if yes than send me.
Hasmukh Patel
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Acceptance/Deposit of Cash agst.sales of product will be tax
Replies (1)
Hello,
Sec 40A(3) of income tax act,1961 is specifically deal with expenditure made in cash above Rs.20000/- and also provide exception in Rule 6DD. Now refering your questions, it is crystal clear that we can accept cash above Rs.20000/- for the sale of material. It will not taxable.
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