03 July 2016
Dear Experts,
we all have seen the latest amendments to the income tax act imposed. My question is
The limit of Rs 2lacs on cash transaction is per party per bill
or
per party per Year.
there is a confusion in this regards as all the trade associations have declared it as cash transactions per party per year exceeding Rs 2lacs.
But the latest circular has given example with regards to a bill having cash transaction exceeding Rs 2lac.
Kindly confirm and inform at the earliest.
Thanks in Advance.
03 July 2016
Dear Warrier Sir,
even I feel the same, but since there is no clarification in this regard we tell the clients to assume it per party per year because it may tend to become a subject matter of litigation. please share your views on this matter Sir.
CAclubindia
