Receiving cash exceed 20000

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2016 Dear Experts,
Can we received more than 20000 if yes will i have to take the pan No of giver person......

Plz confirm....

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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28 March 2016 Cash receipts more than 20000 allowed, disallowed sec 40 a(3) applicable for payment exceeding Rs.20000/-.u/s 269SS and u/s 269T you cannot receive or re-pay loan or deposit excess of Rs. 20000/-

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Sir this cash received more than 20000 is against cash sale.. if section 40a(3) is not restricted receiving cash exceed 20000 then do we need to take the pan no. Of purchaser or not.....

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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29 March 2016 No need to take PAN number.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Sir if we made the cash sale of Rs. 1 lacs even then No need to take pan No.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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29 March 2016 Not required to take PAN number.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Sir many CA believe that receiving cash also should be below 20000.. can you plz explain why....