cash payments limit for fy.2018-19 is 1lakh? or 2lakhs?
pls clarify.
Rs 200000
2 Replies
Shirish Shome
(other)
(276 Points)
Replied 19 April 2019
As per sec. 40(A)(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, [or use of electronic clearing system through a bank account, exceeds ten thousand rupees,] no deduction shall be allowed in respect of such expenditure.
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