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Cash directly deposited into bank account by debtors-40A(3) applicable or not, Income Tax

Issue Id: - 117352
Dated: 16-7-2021
By:- Amit Kumar
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.

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Showing Replies 1 to 2 of 2 Records

1 Dated: 17-7-2021
By:- DR.MARIAPPAN GOVINDARAJAN

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.


2 Dated: 18-7-2021
By:- ARVIND JAIN

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


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