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Cash Receipt /Transaction query

26 December 2018

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.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166353 Points)
Replied 26 December 2018

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.

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Sarath Rajendran (Nil) (2791 Points)
Replied 26 December 2018

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.

NITIN SABOO (344 Points)
Replied 26 December 2018

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

Aman Kumar (Accounts Executive) (744 Points)
Replied 26 December 2018

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.

VENKAESHA K S (ACCOUNTS AND AUDIT EXECUTIVE ) (38 Points)
Replied 26 December 2018

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,