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Daily cash payment limit

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(Querist)
26 November 2012 DEAR SIR

HOW MUCH DAILY CASH PAYMENT CAN BE MADE TO A PERSON AS PER INCOME TAX ACT

PLEASE QUOTE LATEST RULING IN THIS REGARD

THANKS
DHEERAJ KUMAR

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CA Manish

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CA Manish (Expert)
26 November 2012 Maximum 20000/- as per sec 40A (3).
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Hari Beldona

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Hari Beldona (Expert)
27 November 2012 Expenditure in respect of which a payment or aggregate of payments made to A PERSON IN A DAY, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees S.40A(3)
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