Hi Experts
Please confirm whether the one time cash payment limit of Rs.20,000 is applicable on payment of cash salary or wages or not?
Regards
3 Replies
NIKHIL T
(CA Final Student)
(40 Points)
Replied 20 July 2013
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.
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