Would you please what are the modalities or precausions to be taken while accepting the cash from Debtors and others and payments to creditors as per the provisions of Income Tax Act 1961
09 September 2009
No precaustion is required for accepting cash but precaustion is require when u make payment to creditor for goods or creditor for exp. or unsecured loan, the payment can not exceed rs 20000 to the same person in one day.
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