Hi,
What is the limit now U/s 40A (3), I remembered amended in Finance Act 2017 to Rs. 10,000 but when I see in the bear act on the tax dept poratal, it shows as Rs. 20,000
8 Replies
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 10 February 2018
limit for cash payment is Rs. 10,000.
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 10 February 2018
In the above URL it is as follows :
(3) 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, 12[exceeds twenty thousand rupees,] no deduction shall be allowed in respect of such expenditure.
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 11 February 2018
So, it means Rs. 20,000 (not Rs. 10,000)
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 11 February 2018
When I clisk 12 , it says as follows "
12. Words "or use of electronic clearing system through a bank account, exceeds ten thousand rupees," shall be sub. for "exceeds twenty thousand rupees," by Act No. 7 of 2017, (w.e.f. 1-4-2018)
Accordingly Rs. 10,000 is w.e.f 1-4- 2018 and for F.Y. 2017 - 18, it remains Rs. 10,000/- , Am I Correct ?
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 11 February 2018
for F.Y. 2017 - 18, it remains Rs. 20,000/- , Am I Correct ?
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