Good Afternoon everyone.
I have cash deposit from my debtor. he is not making payments of the goods purchased from me. can i forfeit the amount and deposit the cash in my bank account?
thanks in advance
CA Rapunzel (Chartered accountant) (172 Points)
16 July 2022Good Afternoon everyone.
I have cash deposit from my debtor. he is not making payments of the goods purchased from me. can i forfeit the amount and deposit the cash in my bank account?
thanks in advance
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 16 July 2022
Do you have any agreement with the debtor for conditions in which the deposit can be forfeited?
CA Rapunzel
(Chartered accountant)
(172 Points)
Replied 19 July 2022
No sir there is no agreement in written
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 19 July 2022
First of all you cannot take cash deposit of more than 20K.
For forfeit of the deposit you need to send legal notice about the action to be taken against payment dues, with time limit for his action, if any.
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