Cash transaction limit
Mahesh Kumar (45 Points)
23 December 2020
we have business and client deposited 1,05,000/- as advance in our bank account how it will effect
2 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 24 December 2020
As per Income tax act you cannot pay more than 10000 as a cash to anyone, subject to rule 6dd. in case client has deposited rupees 105000 directly in your bank account it will be treated as receipt in bank account.
Mahesh Kumar
(45 Points)
Replied 24 December 2020
Now can we accept 1,00,000 from same client as it is total amount 2,05,000
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