CASH TRANSACTIONS

This query is : Resolved

PARDEEP KAPIL (Querist)
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31 January 2020 DEAR SIRS :: (1) HOW MANY DAYS IN A YEAR CAN MR. A MAKE CASH PURCHASES OF RS.TWO LAKH.... TWICE A WEEK OR TWICE A MONTH........(2) HOW MANY TIMES IN A YEAR LOAN REPAYMENT IN CASH OF RS.20,000 CAN BE MADE.... REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 January 2020 1 No such limit of number of days. Each occasion and each purchase is counted.
2 No such limit but total outstanding should not exceed 20,000.

PARDEEP KAPIL

PARDEEP KAPIL (Querist)
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31 January 2020 DEAR SIRS ::: FURTHER CLARIFICATION PLEASE :: I AM NOT JOKING 1) IT MEANS RS.2,00,000 CASH PURCHASES CAN BE MADE X 365 DAYS = 7,30,00,000 WITHOUT VIOLATING ANY PROVISION OF INCOME TAX ACT / LAWS.... 2) LOAN REPAYMENT AT RS.20,000 EACH DAY IN CASH CAN BE MADE X 365 = 73,00,000

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 January 2020 Accepting cash worth Rs 2 lakh or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion will lead to violation of cash transaction law.
Loan outstanding should not exceed 20,000.