cash payment

GANESH KUMAR KASHYAP (Private Job) (206 Points)

26 October 2016

dear sir,
can I make a single payment exceeds of rs. 20000 against legal expense.

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3 Replies

CA V JAYAPRAKASH (PROPRIETOR V JAYAPRAKASH & ASSOCIATES) (32 Points)
Replied 26 October 2016

NO PAYMENT EXCEEDING RS 20000 TO A SINGLE IN A SINGLE DAY CANNOT BE MADE.

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 27 October 2016

No payment can be made in cash exceeding Rs.20,000. To be paid either by way of account payee cheque or account payee draft.

Dissallowance under Section 40A(3) will attract to it.

SUNEEL KUMAR (Sr. Accounts & Finance Executive) (163 Points)
Replied 29 October 2016

if you are paid through CASH then limit is 20000/- in a single day.

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