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Cash transaction limit
we have business and client deposited 1,05,000/- as advance in our bank account how it will effect
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As per Income tax act you cannot pay more than 10000 as a cash to anyone, subject to rule 6dd. in case client has deposited rupees 105000 directly in your bank account it will be treated as receipt in bank account.
Now can we accept 1,00,000 from same client as it is total amount 2,05,000
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