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Cash payment of rs 2 lakhs

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(Querist)
31 July 2014 I am a researcher and have paid Rs. 2lakhs a cash for a purchase of an equipment.
Is that allowed or what should I do for this.
I have a grant sanctioned from Govt of India.
Please advice whether I shall carry out cash transactions or not??/
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
31 July 2014 You should not make any cash transactions above Rs.20,000.
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SATHYAVRATHAN

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SATHYAVRATHAN (Querist)
31 July 2014 I had already done the payment.. now what can be done???



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
31 July 2014 No problem if you are not paying any Income tax.

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