Cash limit on salay
This query is : Resolved
T.T.VIJAYAPRAKASH
(Querist)
22 February 2019
cash paid to staff salary any limit?
22 February 2019
Section 40A(3)(a) of the Income Tax Act provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs. 10,000/- in a single day otherwise than by an account payee cheque drawn on a bank or by an account payee/demand-draft or through use of electronic clearing system, shall not be allowed as a deduction.
CA ANUBHAV
(Expert)
25 February 2019
no expenses will be allowed if amount paid in contravention of s. 40A(3) i..e Rs. 10000 in a day..
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