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Cash Receipt /Transaction query
Hi all, Please Suggest Can a Person received cash of Rs.10 lakh in total (in various dates Below Rs 2 lakh in a day) against different Sales Invoices issued during a Quarter. What will be problem in regard to this.
Replies (5)
Yes provided each (or aggregate of) bill/s below 2 lakhs for each date.
& Aggregate of cash receipt/s below 2 lakhs on each date.
No person shall receive an amount of Rs 2 Lakh or more:
- In aggregate from a person in a day; or
- In respect of a single transaction; or
- In respect of transactions relating to one event or occasion from a person.
Means a person can do cash Sale each day below Rs. 2 lakh to single person against various invoices through out the year.. Please suggest if any thing wrong understand
No limit for sale of goods in cash. But limit is there for accepting cash more than 200000 per day. Means you can not accept cash more than 200000 a day.
If u Accepting cash Below 2 Lakhs on Diffrent sale invoice it is acceptable but in case if u made any axpenditure more than in 10,000 in cash it will not acceptable as a expenditure,it will be disallowed under IT,
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