Once in while I get cash towards advance for supply and errection of DG sets from Schools and churches.
Can I accept cash, if yes, under what circumstances or should I strictly ask only for Cheque/DD etc
Rajarajan
2 Replies
Kaustuv
(Practicing CA)
(1778 Points)
Replied 31 August 2009
if its for advance for supplies, then provisions of section 269SS or 269T would not apply. If they are in the nature of deposit or loan, then do not accept cash for an amount exceeding Rs. 20,000
EASWARA SRINIVAS ATTULURI
(MANAGER ACCOUNTS)
(43 Points)
Replied 03 September 2009
Yes,I agree with Mr.Kaustuv.
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