in the case of transportor, limit of cash payment of one day is_________
Devendra
(Chartered Accountant)
(4775 Points)
Replied 05 October 2011
The cash payment limit has been increased from Rs. 20000/- to Rs. 35000/-.
Regards,
Devendra k
Sachin Rajput
(account exe)
(593 Points)
Replied 05 October 2011
to everyone case or only for transportor
Devendra
(Chartered Accountant)
(4775 Points)
Replied 05 October 2011
In case of other than transporter, the limit is Rs. 20000/-.
CA Ankit Shah
(Service)
(233 Points)
Replied 05 October 2011
Cash payment
For transporter : < 35000
Other than to transporter : < 20000 ( as earlier)
diganta chakraborty
(advocate)
(27 Points)
Replied 06 October 2011
pleale, inform me which is the supporting documents of incresing cash transection limit.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 06 October 2011
Enhancement of limit for disallowance of expenditure made in the case of transportersUnder the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of which payment in excess of Rs 20,000 is made otherwise than by an account payee cheque or account payee bank draft, such expenditure is not allowed as a deduction. Given the special circumstances of transport operators for incurring expenditure on long haul journeys, it is proposed to raise the limit of payment to such transport operators otherwise than by an account payee cheque or account payee bank draft to Rs 35,000/- from the existing limit of Rs 20,000/-. For this purpose a new proviso is proposed to be inserted after the proviso in sub-section (3A) of section 40A of the Income-tax Act. The existing limit for other categories of payments will remain at Rs 20,000/- subject to the exceptions declared in Rule 6DD of the Income-tax Rules. The proposed amendment will apply to transactions effected on or after the 1st October, 2009. [Clause 16]
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 06 October 2011
YES RIGHT SAID ALL ABOVE...
AGREE...
Niraj
(Article/CA Final)
(52 Points)
Replied 06 October 2011
Yes for transporter up to rs. 35,000/-
and for other up to rs. 20,000/-
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
