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cash receipt in excess of rs. 20000/- from debtors

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 June 2011 suppose i am managing limited company' book of accounts. if my company has sold the goods of rs. 1,00,000 and it has received rs. 75000/- by cheque.

so can we now take rest rs. 25000/- in cash from our sundry debtors yes or not as per income tax rule.

yes or not give me reason for it.
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Vidya Jain

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Vidya Jain (Expert)
19 June 2011 In my view, per the income tax act the restriction is on payment and not for the . receipt. So,the company can take.
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