Cash payment exceeding rs.20,000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2017
If i deposit cash Rs.37,000/- in my clients bank account against goods purchased from him, will it be a violation of Section 40(A) 3 ? (During FY 2016-17).
Expert : Anonymous
Expert :
Anonymous
(Expert)
20 May 2017
yes, it will disallowed
27 May 2017
In my opinion direct cash deposit would amount to cash receipt as the exemption is only for RTGS, NEFT or cheque.
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