cash received or payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2011 any criteria in income tax of cash received and payment in partial (under 20000.00) to creditors or debtors in whole year.

One person told me you take cash received (under Rs.20000.00) from creditors or debtors only 1 time in whole year.

if he take cash received or payment to his wife firm.

please suggest
thank

sai swaroop munaga

sai swaroop munaga (Expert)
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10 May 2011 The threshold of RS 20000 is applicable for a day but not the year. During a day, total cash paid to same person should not exceed the limit of Rs.20,000

Its applies to related party also

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2011 thank you very much for your valuabel guidance

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