Wages cash payment monthly limit under income tax
This query is : Resolved
22 December 2014
Dear Sir,
I want to know, how much limit for cash payment of monthly wages to his to his each employees as per Income Tax ?
Please inform me.
Thank you.
Bhavesh
I want to know, how much limit for cash payment of monthly wages to his to his each employees as per Income Tax ?
Please inform me.
Thank you.
Bhavesh
22 December 2014
As per section 40A(3) of IT Act Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure. Expenditure includes salary also.
22 December 2014
As per Section 40A(3) read with rules 6DD the maximum cash payment to any person in any day should exceeds Rs. 20,000 with certain exemption under rule 6DD
23 December 2014
you can pay rs 20000/- in day to one person.
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