CASH RECEIPTS ABOVE 20,000 FROM *CUTOMERS AGAINST SALE*
This query is : Resolved
15 July 2011
In a China Mobile trading Pvt Ltd Company and also having a Proprietorship Firm dealing in purchase and sale of mobile phones and accessories, lots of customers comes with huge cash above 20,000 to purchase mobile phones.
1) So this company is selling against huge cash receipts. Is this correct, is there any provision which is being over-ruled?
1) So this company is selling against huge cash receipts. Is this correct, is there any provision which is being over-ruled?
15 July 2011
When company is selling mobiles for cash for more than 20,000/- there is no problem as such
15 July 2011
For the China Mobile trading Pvt Ltd Company dealing in purchase and sale of mobile phones and accessories, it is compulsory to make payments by Account Payee cheques to its creditors against its purchases.
*
However, no provisions are being over ruled by the company while selling in cash.
*
Again, from the purchaser's point of view-
1. In case the purchaser is not a dealer in mobile and its accessories, there is no problem to him , but in case the purchaser is a dealer, he should be advised to make payment by account payee cheques to the CMPL. This will help their customers in adhering with the provisions of law.
A good merchant always thinks about the
customers benefits also.
*
However, no provisions are being over ruled by the company while selling in cash.
*
Again, from the purchaser's point of view-
1. In case the purchaser is not a dealer in mobile and its accessories, there is no problem to him , but in case the purchaser is a dealer, he should be advised to make payment by account payee cheques to the CMPL. This will help their customers in adhering with the provisions of law.
A good merchant always thinks about the
customers benefits also.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- 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
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
