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Cash directly deposited into bank account by debtors-40A(3) applicable or not, Income Tax |
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Cash directly deposited into bank account by debtors-40A(3) applicable or not |
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Sir, various debtors have directly deposited cash in my current account from different location. what is the impact on me as a creditors and impact and violation on debtors.
Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
In my opinion there will be no impact on you. However the debtors will be considered violation of Section 40A(3) of the Income Tax Act, if the cash deposits exceeds ₹ 10,000/- in a day.
Agree with the view of DR.MARIAPPAN GOVINDARAJAN Sir, hope the deposit amount is not more than 2 lakh in one instance against one bill go through section 269SS and u may have to file Form No. 61A - Annual Information Return or Statement of Financial Transactions] under section 285BA of the Income Tax Act, 1961 Page: 1 Old Query - New Comments are closed. |
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