Cash receive limit

Page no : 2

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

Originally posted by : roooo
	dixit sir but tht aggregate cash sales will NOT be from one person right ..we can attach details of same in separate sheet like from whom we received how much ..

Then it will be ok. But that process is made for every day transaction. That will be headache. I suggest you can maintain all transaction in excel and direct import all transaction in software like tally with single click.

1 Like

karan (CA) (50 Points)
Replied 10 April 2017

sir even u can use tally 9 ERP and give the cash receipts to customer directly from tally. and please mentions all details of customers records of customers. and you give that

1 Like

karan (CA) (50 Points)
Replied 10 April 2017

you need not to maintain separate excel sheet. and your all entries are done automatically.

2 Like

pavankumar (Student CA Final ) (25 Points)
Replied 11 April 2017

but sec 40(a)3 restricted for purchase of goods

pavankumar (Student CA Final ) (25 Points)
Replied 11 April 2017

you have to pay it through a/c payee cheque, neft, rtgs if the payment exceeds Rs.10000 for purchase of goods also

srinivas (Finance Manager) (239 Points)
Replied 28 April 2017

RESTRICTION ON CASH TRANSACTIONS

Limit for disallowance of business expenditure made in cash is reduced from Rs 20,000 to Rs 10,000 made to a person per day. (Limit of Rs 35,000 for payment made to transporters however continues)
Above dis allowance is extended on capital expenditure also by restricting depreciation and Capital Expenditure on R & D.

Read Full Article: Limits on Cash Transactions

1 Like