against our sale, customer wants pay cash more Rs. 2 lakhs, can we accept cash the same.
thank you
No.
Receipts exceeding Rs. 2 Lakhs in cash are strictly prohibited under Income Tax, beginning from 01.04. 2017. (Section 269 ST).
Receipts exceeding Rs. 2 Lakhs have to be recieved only through account payee cheque, Drafts or E-payments modes.
Regards,
Ramachandra Bhakta.
CAclubindia
