Cash advance received from customer

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partner
40 Points Posted on 22 September 2018

Sir ,

      I am partner of a partnership firm selling  valuable stones.I would like to know if my firm  receives  Cash as ADVANCE  from Customer against Order more than Rs 20000 but less than Rs 2Lac , is acceptable under current IT Act or not.

  Please suggest and oblige

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On 22 September 2018 at 10:27 Report
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Student
264 Points Posted on 22 September 2018
Yes. It is acceptable as Section 269 ST prohibits receipts acceeding Rs. 2 lakhs only. So there is no problem.

Regards,
Ramachandra Bhakta.
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On 22 September 2018 at 10:53

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