20000 se jyada ka advance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2018 Dear Sir

Mera business mandap service ka he or Agar me 20000 se jayada advance cash me leta hu or baad me us advance ko bill ke saamne set off kar deta hu to koi penalty lagegi income tax me ?

Expert : Anonymous

Expert : Anonymous (Expert)

08 April 2018 You can't accept amount more than Rs.20000/- in cash against same invoice in a single day. If you adjust same against two separate invoice then no penalty imposed.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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06 July 2024 Income Tax Act ke anusar, agar aap apne business mein kisi se advance cash mein lete hain aur phir us advance ko bill ke against set off karte hain, toh kuch important points hain jo aapko dhyan mein rakhna chahiye:

1. **Advance Receipts in Cash:**
- Agar aap 20000 se adhik ka cash advance lete hain, to Income Tax Rules ke anusar, aapko advance receipt ka pramanit record rakhna hoga. Ismein transaction details, customer ki details, payment mode (cash), aur purpose include honge.

2. **Set Off Against Bill:**
- Agar aap yeh advance bill ke against set off karte hain, toh yeh transaction business income ke hisab se consider hoti hai. Ismein aapko advance amount ke against bill issue karna hoga, jo transaction ko pramanit karega.

3. **Income Tax Compliance:**
- Income Tax Act ke tahat, cash transactions par specific rules hain. Agar aap cash transactions mein apne business income ko declare karte hain, toh aapko income tax rules aur limits ko follow karna hoga.
- Cash transactions ki reporting aur documentation mein strict guidelines hain, jinhe aapko follow karna hoga.

4. **Penalties and Consequences:**
- Agar aap cash transactions mein rules ko comply nahi karte hain, toh income tax department penalties impose kar sakta hai. Yeh penalties transaction amount ke upar depend karte hain aur case-by-case vary kar sakti hain.
- Agar aap apne transactions ko proper documentation ke saath maintain nahi karte hain ya agar apni income ko sahi tareeke se declare nahi karte hain, toh isse aapko legal consequences face karne pad sakte hain.

Is liye, apne business transactions ko cash ya kisi bhi payment mode mein lena aur set off karna, aapko income tax rules aur compliance ke saath align rakhna zaroori hai.

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