Cash Entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2010
Dear sir,
I am an accountant, My one client (i.e.prop.concern) has to issue invoice of machinery to his customer of about Rs.90 Lacs,
but that customer wants from us to receive his payment by cash of about Rs.20 lacs in different dates as advance.
because in normal case i don't pass entry more than Rs.20000 in a one day. so i want to ask can we do it in the case of machinery or not.
Thanks
I am an accountant, My one client (i.e.prop.concern) has to issue invoice of machinery to his customer of about Rs.90 Lacs,
but that customer wants from us to receive his payment by cash of about Rs.20 lacs in different dates as advance.
because in normal case i don't pass entry more than Rs.20000 in a one day. so i want to ask can we do it in the case of machinery or not.
Thanks
09 November 2010
yes, you can receive the payment in cash, it is the payer who can not make payment in excess of Rs 20K in a day.
Message likes :
1 times
09 November 2010
Sec 40A(3) Applies only when we are claiming it as an revenue expenditure as specified u/s 30 to 37.Otherwise is not applicable.
As it is puchase of Machinery which is in the nature of Capital expenditure, Sec40A(3) is not applicable either to you (seller) or to the purchaser (Capital asset)
As it is puchase of Machinery which is in the nature of Capital expenditure, Sec40A(3) is not applicable either to you (seller) or to the purchaser (Capital asset)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
