Dear Sir, We are Supplier of Marbles cut pieces We have sold Marbles cut pieces to customer bill Value Rs. 39600/-.Customer paid cash to us can we received Rs. cash 39600 in single day
please advise
269ST of Income Tax Act 1961 allows you to receive up to 2 lakhs per day through bank or cash.
Incase of cash, the payer is allowed to pay 10,000₹ only and under different circumstances, he can pay up till 35,000₹ only as per section 40A(3) of Income Tax Act 1961.
CAclubindia
