Cash limit payment for purchase of goods
Ataur Rehman (146 Points)
22 November 2023Ataur Rehman (146 Points)
22 November 2023
Gokul Sharma
(jamshedpur)
(3974 Points)
Replied 22 November 2023
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 23 November 2023
CA Chirag Vadher
(Job)
(8 Points)
Replied 24 November 2023
According to Sec 40A(3) of IT Act 1961, any payments made to an individual above Rs. 10,000 a day in cash cannot be claimed as a deduction while filing tax returns. Before the 2017 announcement, this upper ceiling was set at Rs. 20,000 per day.
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 27 November 2023
No, Cash payment cant be exceeds Rs 10k per day per person (and per expenses).
Live class on PF & ESI Enrollment & Returns Filing(with recording)