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cash received 60000

vivek jadhav (20 Points)

21 November 2018

I receive 60000 cash from party and I deposited into bank and party is non gst then there is problem in income tax

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3 Replies

Nandkishore (Student CA final) (48 Points)
Replied 21 November 2018

under Income Tax Act a person can receive in cash from a single person in a day against and invoice up to Rs.199999. Doesn't matter the purchaser is registered under GST or not.

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Puja Sharma (CA) (433 Points)
Replied 21 November 2018

No problem for the recipient until and unless the amount is less than Rs. 2 Lacs.

Nitesh bind (Student CA Final ) (12692 Points)
Replied 26 November 2018

Yes, you can receive and do whatever you want to do with cash. There is no legal problem for receiving payment within Rs. 2,00,000/- (i.e. upto 1,99,999/-).

If you receive amount of Rs. 2,00,000 or more in cash then that would be infringement of Sec 269ST and then 100% of Such amount received would be charged as Penalty u/s 271DA.

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