Receive of an amount of rs 20000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2012
Dear Sir
Whether i can receive an amount in cash more than Rs 20000? Whether it is taxable or not?
Whether i can receive an amount in cash more than Rs 20000? Whether it is taxable or not?
01 September 2012
Any income irrespective of the mode of payment, it will be taxable..
01 September 2012
income received in cash or kind or cheque or in any other form is taxable in the hands of the assessee.certain assessee are given basic exemption not to pay tax.
in your case i assume that it is a capital not revenue amount under section 269 ss of incometax act if an amount of loan or deposit is received more than Rs.20000/- other wise than by way of account payee cheque/draft penal provision of the act.
in your case i assume that it is a capital not revenue amount under section 269 ss of incometax act if an amount of loan or deposit is received more than Rs.20000/- other wise than by way of account payee cheque/draft penal provision of the act.
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