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cash expenditure in a day

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(Querist)
05 May 2008 what is the limit of cash expenditure in day as per income tax act.

pl.explain in detail
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
05 May 2008 not more than rs.20000/-in a single day for each head
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
05 May 2008 There is no such restriction for each head. Rather the celling applies to each payee.
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R.V.RAO

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R.V.RAO (Expert)
05 May 2008 RS. 20000/- PER DAY FOR EACH PAYEE.
IF YOU PAY RS. 15000/-IN CASH AND BALANCE IN CQ. NO DISALLOWANCE.
R.V.RAO
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Reetika Goel

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Reetika Goel (Expert)
05 May 2008 Sir, i had read somewhere that the ceiling limit has come down to Rs. 10,000 each day each payee.

Please clarify......
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Amit Sharma

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Amit Sharma (Expert)
06 May 2008 total of 20,000 per day. Which is applicable u/s 40(a)(3).

Above that it will be disallowed.
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