16 July 2012
Finance act 2008 has one provision in hike of Rs.20000 to Rs.35000 for small transporter as follows
Hike in limit for cash payment under section 40A(3) where payment is made for plying, hiring or leasing of goods carriage:
In case of payment made for plying, hiring or leasing goods carriages, the ceiling of twenty thousand rupees specified in subsections (3) and (3A) shall be enhanced to thirty five thousand rupees.
The limit has been raised in case of transporters due to their special circumstances for incurring expenditure on long haul journeys. It is to be noted that for other categories of payees, the limit will