17 May 2012
There is no annual limit as such. However, there is limit for payment against expenditure per day which is Rs. 20000.00 as set by Section 40A(3). There are some exception to it which are given in Rule 6DD.
17 May 2012
This Rs.20,000/- limit is against payment of expenditure in a particular day. But there are some exception to it for which are also specified in Rule 6DD