Hi ,
can i receive cash from customer say 5lac , which are due from them , we r in business and now customer wants to pay in cash to us and are asking us to deposit in our account.. can we receive cash or is there a format for to receive cash.. pls do reply at earliest
Menu
Receiving Cash from Customer
Replies (10)
AS PER SECTION 40 A(3) ONE CAN NOT DO PAYMENT MORE THAN 20,000 IN CASH BUT IF YOUR PARTY IS READY TO PAY SAY 5 LACS THAN ACCEPT IT.
Please deposit it in installments in current account i.e. bifurcate it in 4 installment.
You will get old notes or new ones ?
You may receive Rs.5 lacs from your customer in cash but you need to collect tax at source @ 1% to the extent such value exceeds Rs.2 lacs (provided you have PAN) and file TCS return accordingly
he is a debtor and he is willing to pay cash in lacs .. my auditor suggested that " a balance confirmation declaration can be obtained .. but others says that cash shouldn't be taken and deposited in account as it ll be taken under scrutiny by IT ,no matter the declaration by customer
old notes will only be paid by him
firstly as per my knowledge you cannot accept old notes from 8th night...no question of depositing these if ur records show that received after 8th..
Ask them to depsoit their account and take a DD and give it to you. Demonetaisation of 500 and 1000 Rs bank notes are effect from 8 th night. So, now you can not accept cash.
Only specific organisations can receive old bank notes un till 24. Are you coming under specific organisation?
Dear Professionals
After 12:00 of 8th november 1000 & 500 note ceased to be legal tender in open market.
So acceptance of 1000 or 500 denominations is totally illegal
and deposit in single or multiple transaction don't arise.
After 12:00 of 8th november 1000 & 500 note ceased to be legal tender in open market.
So acceptance of 1000 or 500 denominations is totally illegal
and deposit in single or multiple transaction don't arise.
in my view, after 8th nov.2016, old note of Rs.500.00 and Rs.1000.00 are no legal tender, how it can be accepted after 8th nov 2016
k c agarwal
but i can say if you have done a court case against that debtors for collecting the debts and that debtors gives you cash through court than may be you can collect and deposit... in my view. tell me if i am wrong .
Recent Threads
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
Related Threads
CAclubindia
