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
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.
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.
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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