Cash advance received from customer

447 views 1 replies
User Avatar

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

0 Reply Share Follow
On 22 September 2018 at 10:27 Report
Replies (1)
User Avatar

Student
605 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.
Reply
On 22 September 2018 at 10:53

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details