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Limit for cash receipt

shruti joshi (student) (71 Points)

07 July 2015

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.

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9 Replies

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.

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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

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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.

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