Advance Receipt in cash exceeding 20000/-

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Proprietor
20 Points Posted on 06 October 2023
Hello Friends
Can assessee receive advance receipt from customers more than 20000 in cash related to goods and services?
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On 06 October 2023 at 10:31 Report
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Quick Summary
This discussion clarifies the rules around receiving cash advance receipts exceeding £20,000 for goods and services. Generally, such cash transactions are prohibited. However, there might be exceptions depending on the nature of the assessee, meaning a violation isn't always guaranteed.

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CFO- at NHTF
58280 Points Posted on 06 October 2023
No. Cash transactions are prohibited
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On 06 October 2023 at 14:05
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Profession
28271 Points Posted on 07 October 2023
Advance receipt in cash exceeding Rs.20000 violation is not there provided we know the nature of assesse.
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On 07 October 2023 at 08:21

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