Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Cash receipts

605 views 3 replies

rajeev

accountant

65 Points Joined April 2009

Sir, please tell me the upper limit of cash receipts from home tuition for f.y. 2017-18

can i receive 3,50,000-00 p.a. from 15 students in f.y. 2017-18 (aprox. 2500 per student) bank interest income 90,000-00 p.a., what account I have to mainain, and which itr no. file.

Thanks

Replies (3)

Dear Rajeev,

Prior to Finance Act, 2017 there was no upper limit of cash receipt from home tuition, provided you are able to substantiate the amount received from tuitions.

However, w.e.f. 01/04/2017, the government has set a limit of Rs 2,00,000/- on cash receipt by an assessee from a person in a single day or in respect of a single transaction or transaction related to one event.

So now you can accept cash upto a maximum of Rs 2,00,000/- per student per chance (daily/monthly/quarterly/yearly/etc.)