Cash payment - limit - regarding
p.subrahmanyam (accountant) (101 Points)
26 February 2016
Shall we pay Rs.1 Lakh Rupees to government Challan in single payment ?
15 Replies
Ruchi
(CA)
(1410 Points)
Replied 26 February 2016
Yes... govt tax payments can be done in cash without any limit.
p.subrahmanyam
(accountant)
(101 Points)
Replied 26 February 2016
We are told each expenses should be below Rs.20,000. I do not know this rule will apply to government payments
Amit Kanunga
(Article Assistant and Post Gradute)
(644 Points)
Replied 26 February 2016
| Originally posted by : p.subrahmanyam | ||
 |
Shall we pay Rs.1 Lakh Rupees to government Challan in single payment ? |  |
NO Such Limit For Payment to Government Challan in Single Payment.........
sharad rai
(learner )
(178 Points)
Replied 26 February 2016
agreed with amit kanunga. no special provisions given under income tax act in regards of government payment..
RamRatan Chejara
(Article assistant)
(27 Points)
Replied 26 February 2016
You can not do any cash payment of any expenses in a day to a party other than government more than Rs 20000.
sharad rai
(learner )
(178 Points)
Replied 26 February 2016
PLEAE GIVE US ANY REFERENCE OF BARE ACTS TO SUPPORT YOUR ANSWER.
R.RAJEEVAN
(MBA)
(23 Points)
Replied 26 February 2016
Shall I accept part amt of cash for my property sale n part by cheque. All entries are properly accounted
Kalki Vital Narayanam
(CA Final Student)
(121 Points)
Replied 26 February 2016
| Originally posted by : sharad rai | ||
|
PLEAE GIVE US ANY REFERENCE OF BARE ACTS TO SUPPORT YOUR ANSWER. | |
https://www.incometaxindia.gov.in/tutorials/disallowance-of-business-expenditure-theory.pdf
You can find in the 9th page of this pdf, that payments can be made to government without any limit.
CA Abhishek Pal
(Accounts Executive)
(81 Points)
Replied 26 February 2016
Shall I accept part amt of cash for my property sale n part by cheque. All entries are properly accounted.......yes you can because the limit is for payment in cash and not for receipt
NEERAJ SHARMA
(CA IPCC )
(113 Points)
Replied 27 February 2016
can a finance company or banks make a single payment abouve limit i.e. rs 20000 ??
Nishant Singla
(Chartered Accountant)
(31 Points)
Replied 27 February 2016
Yes Payment exceeding Rs. 20000 to Govt can be made in cash. This exception provided in Rule 6DD
NEERAJ SHARMA
(CA IPCC )
(113 Points)
Replied 29 February 2016
sir, i am asking about that a Finance company make a payment exceed 20000 to other than govt ?
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