Sir,
I have paid above 10 k on every month to margadarsi chit fund pvt Ltd. We are also registered firm. Pls confirm sir. Is it correct or not..?
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 October 2019
It's not correct. Better to pay through banking mode.
NAGA
(ACCOUNTANT)
(515 Points)
Replied 07 October 2019
OK sir, but what about the already paid amount.
gopi
(ca)
(19 Points)
Replied 07 October 2019
sir I think there no problem payment above 10K upto 200000 per anum
Shivam RC
(Student)
(23683 Points)
Replied 09 October 2019
Rs. 10,000 limit is for per day. As per Section 40A(3) of the Income Tax Act 1961, Payment exceeding Rs 10,000 in CASH is not allowed as deduction under Income Tax Act.
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