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Cash receipt in excess of rs. 20000

pooja mundada (articleship) (54 Points)

23 January 2016

whether cash receipt in excess of Rs. 20000 is disallowed ??

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16 Replies

(Guest)

cash receipt in excess of Rs. 20000 is allowed

1 Like

santosh kumar (article) (29 Points)
Replied 23 January 2016

There is a Restriction for payment of Rs 20000 or more in cheque or draft.

u can receive any amount of mony for your books of a/c.

Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 23 January 2016

Yes, you can receive more than 20000/-

Santosh Singh (9 Points)
Replied 23 January 2016

yes you can receive

pooja mundada (articleship) (54 Points)
Replied 23 January 2016

Thank u all of u

Rahul Verma (CA-Final) (484 Points)
Replied 24 January 2016

Section 40(a) 3 says if u pay cash 20000 or more as against expenditure then the same expenditure Will be disallowed. So recipts if 20000 or more will be allowed as Income.

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 24 January 2016

Cash receipts and payments which are in nature of loans and advances are disallowable u/s 269 ss & t

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 24 January 2016

Yes its allowed

niket (ca final running) (51 Points)
Replied 24 January 2016

whether private limited company can receive in excess of Rs.20,000/- in Cash?

AMAR LAL MEENA (INSPECTOR IN INCOME TAX DEPARTMENT) (21 Points)
Replied 25 January 2016

Undoubtly allowed

abhishek goel (Practice) (89 Points)
Replied 26 January 2016

Yes any fir irrespective of its legal size or form can receive amount exceeding 20000/-.

Kamal vashist (Accountant) (183 Points)
Replied 27 January 2016

As per sec40A and rule 6DD

if payment gives in CASH more than 20000rs than it shall be taxable

and if payment is made bu Cheque than nothing shall be disallowed

ramesh (iiiiiiiiiii) (34 Points)
Replied 30 January 2016

Cash receipt in the nature of Loans & Advances in excess of Rs20K will be non conpliance of 269T of IT Act, penalty for same shall be equal to amount of cash receipt.

niket (ca final running) (51 Points)
Replied 31 January 2016

i had asked question related to private limited company & not for Individual or Firm.

again my question is that cash receipt by Private Limited Company in excess of Rs.20,000/- per day or per month allowable or not?is there any limitation for Private Limited Company for receipt of money in cash ?