i would like to know the limit for cash receipts to be received during a day. Ours is a real estate co. and the main source of income is brokerage. so how much cash receipt of brokerage can we record in a day? . kindly guide for the same.
shruti joshi (student) (71 Points)
07 July 2015i would like to know the limit for cash receipts to be received during a day. Ours is a real estate co. and the main source of income is brokerage. so how much cash receipt of brokerage can we record in a day? . kindly guide for the same.
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 07 July 2015
You can receive un-limited. Rs 20,000 per day cash limit is for spend expenditure.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 08 July 2015
Thre is no limit for cash receipts
Sandeep Jadhav
(Bcom ITP STP ITRPS STRPS CS CA FINAL)
(1092 Points)
Replied 08 July 2015
There is limit of Cash Expenses i.e Rs. 20000.00
There is no any Limit for Cash receipt, If you receipt Cash more Rs.50,000.00 then you must take Pan Card no of Giver and keep record of the same.
I hope your doubt are clear.
Regards
Sandeep Jadhav
suman
(job)
(48 Points)
Replied 08 July 2015
Hi,Can i pay business expences of 1,00,000/- per day,say 20000/- to one person X per day,20000/- to another person Y in same day so on?
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 08 July 2015
Yes, you can pay upto Rs 20K per day per person
Sandeep Jadhav
(Bcom ITP STP ITRPS STRPS CS CA FINAL)
(1092 Points)
Replied 08 July 2015
Dear Suman
Cash Expenses should not be more than Rs.20,000.00 thats means you can make payment to one person up to Rs.20000.00 if you want to paid expenses in cash then you have to make distrubution of payment according to this. i.e. Rs. 20000.00 per day per person.
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 12 January 2016
YUP , there is no limit on cash receipt .
cash receipt limit is just a theoritical concept.
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