Cash received above rs. 20000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2012
Can cash be received above Rs. 20000/-? If no then what would be the consequences?
07 December 2012
Yes you can receive any amount in cash. The problem is at the time of payment. If you pay any expense above 20000 in cash, then the same is disallowed. But if you are receiving the same, it is anyways your income.
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07 December 2012
If any loan taken otherwise than in account payee cheque or bank draft, department can levy equal amount of penalty. See Section 269SS of income tax act.
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