Advance adjustment

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350 Points Posted on 12 March 2020
if I give Rs 200000.00 as a advance or loan to any body and he want to return in cash. can I acepect or not
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On 12 March 2020 at 17:47 Report
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Quick Summary
This discussion explores the legality and practicality of accepting a £200,000 advance or loan repayment in cash. While generally permissible, it's crucial to be aware of restrictions under the UK's Income Tax Act concerning large cash transactions. The advice suggests that accepting cash is possible, but the significant sum may trigger specific reporting requirements or limitations.

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284 Points Posted on 12 March 2020
200000 given cash or check sir
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On 12 March 2020 at 18:55
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"Do the Right Thing...!!!"
128157 Points Posted on 13 March 2020
Yes... But, 2lakhs is restricted under Income tax act.
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On 13 March 2020 at 07:39

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