Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Cash receive limit

Mukesh Kumar Sharma (Manager) (122 Points)

10 April 2017

1 Vyakti ko pure saal me cash me kitna maal bech sakte hai ??

Reply
Follow
Share

20 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178169 Points)
Replied 10 April 2017

No limitation. Only not above 1.9999 lakhs per person per day/invoice.

3 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

An amendment to this effect has been made in the Finance Bill, 2017, which has been approved by the Parliament.

“No person (other than those specified therein) shall receive an amount of Rs 2 lakh or more, in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account,” the department said.

1 Like

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

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.

2 Like

Mukesh Kumar Sharma (Manager) (122 Points)
Replied 10 April 2017

Currently I am a accountant of a Gas Agency and there is refill sales of cylinder to thousands of customer... in that position I can't manage every customer ledger..
than What I show in sales books during refill entry in cash of the day more than 2 lacks....

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

Originally posted by : Mukesh Kumar Sharma
	Currently I am a accountant of a Gas Agency and there is refill sales of cylinder to thousands of customer... in that position I can't manage every customer ledger.. than What I show in sales books during refill entry in cash of the day more than 2 lacks....

cash transaction limit is for per day per person. Means you can received cash from more than one person.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Mukesh Kumar Sharma (Manager) (122 Points)
Replied 10 April 2017

but what I show in books during entry ??

Mukesh Kumar Sharma (Manager) (122 Points)
Replied 10 April 2017

because entry of refill sale is in cash

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

Originally posted by : Mukesh Kumar Sharma
	because entry of refill sale is in cash

For that you can enter single transaction in your books. I know it is not possible, but only way is this.

1 Like

roopa (b.com) (364 Points)
Replied 10 April 2017

I think u can show its as cash sales only...as limit is per person per day ..
cash A/C dr
sales A/C
experts plz tell whether it's correct or no

1 Like

Mukesh Kumar Sharma (Manager) (122 Points)
Replied 10 April 2017

entry is Right. but if in a day refill sales is 430 nos x 500 = 215000/-
this is a cash sales received entry above 2 lacks my dear..

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

roopa (b.com) (364 Points)
Replied 10 April 2017

refill sales of 430 no is this to only one customer or many ?? .
because u can't receive cash from ONE person (customer)per day 200000 or more

1 Like

Dixit (CA Final) (2405 Points)
Replied 10 April 2017

Originally posted by : roooo
	I think u can show its as cash sales only...as limit is per person per day ..cash A/C dr sales A/C experts plz tell whether it's correct or no

Yes you are right. But you can not aggregate all cash sales and made single entry. Beacause that count as a single transaction.

There are option to overcome this is import all transaction through excel sheet into tally or other software. Generally most of software provided this facility.

1 Like

roopa (b.com) (364 Points)
Replied 10 April 2017

dixit sir but tht aggregate cash sales will NOT be from one person right ..we can attach details of same in separate sheet like from whom we received how much ..

1 Like