budget 2017
This query is : Resolved
07 February 2017
Sir
In the budget it was announced that maximum cash transaction allowed is Rs.3lakhs
what does this mean.. They have already said maximum onetime payment allowed is Rs.10000
then for which transaction is this referred
please clarify
kiran
08 February 2017
As per section 43(A)(3), any cash payment made for any expenditure to any person per day which exceeds rs. 20,000 is disallowed under the said section. Union budget 2017 has reduced this limit to Rs. 10,000/-. So, from A.Y. 2018-19 onward any cash payment made above Rs. 10,000/- will be disallowed.
Now, cash payment limit of Rs. 3,00,000 is a cash payment limit for any transaction which may be business related transaction or non-business related transaction. For example, from F.Y. 2017-18 onward, no one will be able to buy Jewellery of Rs. 3,00,000/- against cash payment.
Now, cash payment limit of Rs. 3,00,000 is a cash payment limit for any transaction which may be business related transaction or non-business related transaction. For example, from F.Y. 2017-18 onward, no one will be able to buy Jewellery of Rs. 3,00,000/- against cash payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Capital Gain on EUITY Shares
- Scrutiny assessments u/s 143(2) for AY 25-26
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
