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accepting payment

11 March 2018

can I accept payment of retailer in cash if invoice made is more than 50k...?if yes then is there any specific guidelines for these where I can get information...any source provide by government.?

as small town retailer are not bank friendly for business related tx....so they give their payments in cash..

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4 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 11 March 2018

yes u can , but not more then 2lac per invoice as per income tax

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Dibyanshu Barnwal (63 Points)
Replied 11 March 2018

is there any source where can I get information for the same....?some govt source.

Aashish Sachdeva (839 Points)
Replied 11 March 2018

Proposed New Section 269ST reads as under:

No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

As per my personal opinion, this section applicable on your query. if anybody have different view then views are welcome. thanks. Disclaimer: It is not Professional Advice.