Dear All,
Have good day ahead!
I m working in a Air travel agency. We are selling air tickets on the mode of cash.I just want know can we received the cash more than Rs 20000/-.
If yes,any rules as per income tax act.
Regards,
Rohit jain
Rohit Jain (Service) (32 Points)
19 October 2012
Dear All,
Have good day ahead!
I m working in a Air travel agency. We are selling air tickets on the mode of cash.I just want know can we received the cash more than Rs 20000/-.
If yes,any rules as per income tax act.
Regards,
Rohit jain
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 19 October 2012
Yes, you can receive cash of any amount but it is advisable to receive cheques if ami\ount is bigger.
Rohit Sachdeva
(Student CA.Final)
(132 Points)
Replied 19 October 2012
Yes you can receive 20,000 or more than that in cash, but it is advisable to receive in form of cheque or through electronic mode.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 19 October 2012
Just to add that receipt of amount > 20K is prohibited for loans , not for business/trading receipts.
Regards,
Manvi Mehrotra
(CA Practice )
(35 Points)
Replied 20 October 2012
Yes, you can receive any amt of trading receipt in cash.
CA.Vinita Gupta
(Deputy Manager- Finance)
(2918 Points)
Replied 20 October 2012
Cash can be received since its for trading purpose
RAJU
(LEARNER)
(1089 Points)
Replied 20 October 2012
Hi Rohit...
The restriction/implication is for the person making the payment. As per Section 40A(3) payments in excess of Rs.20,000/- would not be allowable as deducting for computation of Total Income. Recipient has no implication.
CA Ram
(CA)
(310 Points)
Replied 20 October 2012
u can receive any amount in cadh. No problem..................
CA Priya
(CS Final)
(1049 Points)
Replied 20 October 2012
Receipt has no obligation....... Any amount of cash received is allowed............. Only on payment certain sections comes into action!!!!!!!!!!!!
satish kumar Chauhan
(accountant)
(344 Points)
Replied 22 October 2012
yes, you can receive any amount in cash for selling the ticket, no problem
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