cash transaction
Ravi Kumar (10 Points)
08 April 2018
which section under income tax prohibited cash transaction
2 Replies
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 08 April 2018
Restrictions on cash transactions are as follows:
1. section 40A(3) + section 40A(3A) - Cash payments towards expenditure/asset purchase should not exceed of Rs. 10,000/-
2. Section 269SS-269T - loans & advances received/repayments made vide cash, should not exceed Rs.10,000/-
3. Section 269ST - income receipt, in any mode other than specified, should not exceed Rs.2,00,000/-....
(a) in aggregate from a person in a day
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person
An illustrative picture:
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