Cash deposite in respect of cash sales
This query is : Resolved
28 November 2017
dear sir may client has done cash sale of Rs 18000 per days (per months) and he deposite cash in bank.whether any panalty applicable.and what limit deposite cash in bank yearly.
28 November 2017
There is no limit to deposit cash balance. If your cash deposit have justifiable ground then no problem. However, from AY 2017-18. you cannot accept cash exceeding 2 lacs per day + same person + one bill (sales/service)
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28 November 2017
but sir i has accept cash Rs 200000 and deposite cash in every day Rs 18000 in such case panalty applicable.
28 November 2017
If you have accepted cash exceeding 2 lacs against sales from One Sale bill + Same Person + Same Day then penalty will be equal to amount accepted u/s 271DA
28 November 2017
Sorry 2 lacs or more
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