Cash transaction

Hello sir,

Plz ask question in brief , so that we can answer properly.

(2.5 is what )

if you receive cash in a single stroke than not allowed but if you receive payment in parts and it totals to more than 2,00,00/- no need to worry.

Dear Vikash,

In my opinion, there should not be any probelm. The limit of 2 lac is with respect to one invoice, or payment in a day or payment relating to an event.

Please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Sir from now you cannot sell the medicines to them for a cash aggregating for 2 lakhs in a year . Let it be one bill or multiple Bills.

If you receive more than 2 Lakhs in Cash from a particular person in a year for sales then the receiver i.e. you shall pay penalty of 100%.

Hi,

It is highly recommended to switch to digital modes payment.

Regarding new guidelines, Id don't think penalty will be attracted since you receive cash in excess of Rs. 2 Lakh against multiple bills over multiple days from multiple people.

Hello Sir,

Is that the quantum you receive from each buyer or in totality.

If it is each buyer then you may have to take precautionary measures to safeguard yourself.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP