Poonawalla fincorps
Poonawalla fincorps

Business rental advance cash mode limit

This query is : Resolved 

25 December 2021 Sir,
One of the it person rs:10 lacs rent advance balance amount show in books as on Dt:31-03-21.if assessee rs:1 lacs *10 different dates total rs:10 lacs payment through on cash mode.
Question:
1.assessee payment cash mode allowed in it act
2.payment cash mode limit in it act.

25 December 2021 1 and 2 allowed only less than 2 lacs cash.

26 December 2021 sir, rs:10,000/- per day cash mode repayment total rs:10 lacs accepted


26 December 2021 Not allowed, as it's a single event.



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