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Under traditional practice, the government used to collect taxes manually through bank branches.This manual process was cumbersome as well as prone to errors.Before knowing receipt entry in tally whe should know what is a receipt? As such sale , receipt is equally important in a business.We use receipt when someone pay us a certain some of money towards the consideration of sale, service or any other repayment & Payments like loan ,advances etc.

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Below are the details that are required to be entered by the tax payer based on the type of view: If the tax payer enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank.Learn: Bill generated in used and receipt in INR A cash receipt is the one, when transaction is settled through cash or money receiving through cash, for example, The above four are the examples of cash receipt Bank receipt are the amount received through bank using instruments like check, DD, online transfer like NEFT, RTGS etc.When receiving a check or DD, we will deposit this into our bank account, bank credit the money in our account after collecting this money from drawer’s bank.It also facilitates tax payers to track the status of their challans or e-challan deposited in banks online.Under this system, the details of tax paid flows from banks to Tax information Network (TIN) maintained by NSDL.

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