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cash collection against above two lakh sale

sajeer k (accounts officer) (177 Points)

02 May 2018

sir
how much amount can collect by cash against a single bill above 2 lakhs

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 02 May 2018

Rs. 199999

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sajeer k (accounts officer) (177 Points)
Replied 02 May 2018

i have a single bill of rs 250000, can I collect this amount 150000 by cash and 100000 by bank

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 02 May 2018

Yes... You can.

CA Rashmi Gandhi (Chartered Accountant) (86318 Points)
Replied 02 May 2018

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: