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Cash receipts


Mukesh Bajaj   24 January 2020

Mukesh Bajaj

 5 points

| My Other Post

sir , we deals in cement and TMT and mostly our customers are B2B ,and we raise multiple bills of maximum upto Rs 1.25 lakhs in a month , can we receive cash against the goods sold , if it cross Rs 2 lakh

avater

Roshni (Studwnt)     24 January 2020

Roshni
Studwnt 
 66 likes  997 points

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For receipt there is no provision... provision is only for payment. so yes you can get cash...it's front personal responsibility to not to pay more than 20k in a day in cash

1 Like
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rama krishnan   24 January 2020

rama krishnan

 939 likes  10183 points

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You shouldn't receive in aggregate amount exceeding rs. 2 lakhs from a person in a day or amount exceeding rs. 2 lakhs in respect of single transaction or pertaining to an event as per section 269ST. in your case, if you receive in excess of rs 2 lakhs in a day from a person even in respect of multiple bills, it'll attract 269st. similarly, even if you receive in excess of rs 2 lakhs on various days in respect of single transaction, then that also will attract 269ST

4 Like
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CA Kiran Sutrave (CA)     26 January 2020

CA Kiran Sutrave
CA 
 26 likes  423 points

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Avoid cash transactions. Refer Section 269ST


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