Cash Transaction
This query is : Open
03 April 2017
Sir, If i want to purchase capital equipment for construction of building , can i pay 2 lakh in cash ?
03 April 2017
Yes you can pay up to 2 Lacs.
03 April 2017
Sir, there is a limit of 10000 per day cash payment is it related to only revenue item and i can give 2 lakh in cash in a day because its a capital item?
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03 April 2017
Yes you are right.................
03 April 2017
Thankyou Sir for solving my query.
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03 April 2017
In view of 2017 budget amendment such capital equipment purchase payment in cash also restricted to 10000. My reply stands corrected.
03 April 2017
Section 43 of the Income Tax Act has been amended by Finance Act 2017 which states if the assessee incurs any expenditure for acquisition of any asset for which aggregate of payments made in a day exceeds Rs. 10,000/- then such expenditure shall be ignored for the purpose of determination of actual cost.
In the view of above mentioned amendment you are requested not to make payment of Rs. 2,00,000/- in a single day.
In the view of above mentioned amendment you are requested not to make payment of Rs. 2,00,000/- in a single day.
03 April 2017
That means even for capital items restrictions of 10000 is there w.e.f 1st april 2017 ?
03 April 2017
Yes you cannot pay more than Rs. 10,000/- per day for acquiring capital assets if you are paying in cash.
Avoid paying in cash altogether if possible.
Avoid paying in cash altogether if possible.
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03 April 2017
Ok i will assure it.
Can i pay 10000 in cash in a day to different dealers?
03 April 2017
Yes you can pay upto Rs. 10,000/-.
04 April 2017
Thankyou for solving my query.
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