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cash receipt

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(Querist)
18 March 2010 Whether any provision of income tax Act prohibits the cash receipt from debtor exceeding rs. 20000?
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CA Anil Kumar Tadaka

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CA Anil Kumar Tadaka (Expert)
18 March 2010 No such prohibition on receipt.
But if any payment is to be made exceeding Rs.20000 then it should be given in the form of account payee cheque/ account payee demand draft.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
18 March 2010 No
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
18 March 2010 No such provision
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
18 March 2010 agree with expert
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 March 2010 no such provision
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
18 March 2010 No provision with this regard.

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