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Cash payment exceeding 20000

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(Querist)
06 September 2014 DEAR EXPERTS

AS PER INCOME TAX ACT CASH PAYMENT CANT EXCEED 20000 FOR A SINGLE BILL IN A DAY..DOES IT MEAN THAT A BILL WHOSE PAYMENT IS RS.50000 IF PAID IN 3PARTS(EACH PART LESS THAN 20000) AND IN 3 DAYS IS VALID!!!!!
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
06 September 2014 Dear Mohil,

Yes it is valid and allowed as deduction from income.

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