Cash accepting

Receiving money in cash as sales has no restriction. As per Income tax ACT, you wont be allowed as deduction in purchases if you have paid in cash more than 20000 for said financial year

Hello,

The restrictions were there even then.

Trust this clarifies your query.

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

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

There was no restriction on cash sales during the FY 2014-15. However, the return for the FY 2014-15 relevant to the assessment year 2015-16 should have been filed latest by 31st March 2017.Hope you filed the return.

Hi

The cash acceptance rules for sales are new and were not in force in FY 2014-15.

Is this a general question or you have received some kind of notice for such transaction?

Hi, the new Section 269ST which restricts receipt of Cash up to Rs. 2 Lakh was introduced only with effect from 1-Apr-2017

Hi,

The mandate to obtain details of PAN was only from 2016. So long as you have paid tax on the cash receipts, it should not be a problem.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B