• Cash accepting

we are into business of Automotive and Industrial Lubricants trading.

We had accepted cash from sales of good greater that 2 lacs and upto 10 lacs from single transaction in FY 2014-15. Were these allowed in FY 2014-15 or was there some kind of restriction even then?
Asked 1 year ago in Income Tax from Hyderabd, Telangana

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

Vidya Jain
CA, Kolkata
646 Answers
16 Consultations

4.8 on 5.0


The restrictions were there even then.

Trust this clarifies your query.

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

Thanking You.


Rohit R Sharma


Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

5.0 on 5.0

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.

B Vijaya Kumar
CA, Hyderabad
896 Answers
69 Consultations

5.0 on 5.0


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?

Lakshita Bhandari
CA, Mumbai
3056 Answers
139 Consultations

5.0 on 5.0

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

Pradeep Bhat
CA, Bengaluru
477 Answers
34 Consultations

5.0 on 5.0


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.


Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
25 Consultations

5.0 on 5.0

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