What is the exact law for " cash payments of more then 20000"

Is it aggregation (sum up) per day per person

Or,

Is it per person per year


Example:

If I purchase goods of Rs. 100000 from Mr. X,

(1)
Can I pay cash 20000 x 5 = 100000
in different dates of the same financial year to Mr. X.

Or

(2)
I can pay only Rs. 20000 Cash in the same financial year to Mr. X. and rest by cheques.

Please guide

What is the difference between Qualification and observation and stating of facts in an audit report?
When do you say the report is qualified and when is it just stating of the facts?

Is there any provision whereby inventory count may not be carried out in a financial year without any qualification in the audit report. Further read somewhere that is the Company adopts some sort of statistical sampling methods, then they can avoid physical stock take provided the system is robust. What is this statistical sampling for inventory procedures.

dear sir,

please provide me the details about the revenue stamp of Re. 1 to be affixed on receipts involving amount more than Rs.5000.00.

what is penalty for non- affixing the revenue stamp of Re. 1?



thanks

WHAT IS TAX AUDIT, WHAT TYPE OF BOOKS A TAX AUDITOR LIKE TO CHECK REGARDING A MANUFACTURING UNIT

can anybody tell me?
what consideration should be check in debtors and creditors ledger

how to do verification of fixed assets.

how to do ledger scrutiny
what one should do in ledger scrutiny

One of the previous auditor not given No objection Certificate due to Draft Balace Sheet not provided by BOD to Auditor but we have recived appointment from C&AG to done audit. what shpuld we do?

Dear Expert,
the company is getting price protection say 1 week, i.e The company will purchase as per price list and if price falls in market within 1 week then company will get the above discount.
I want to know the accounting treatment of discount and nature of above discount, whether it is a cash discount or trade discount.


Thanking You
Z A M I R