Cash limit Per day
This query is : Resolved
05 March 2020
Dear Expert,
What is the cash limit per day,Can somebody explain about this
If i am paying 10000 for X that is the limit for that Entire day ?
What is the cash limit per day,Can somebody explain about this
If i am paying 10000 for X that is the limit for that Entire day ?
06 March 2020
Cash limit per day means - The maximum amount which can be paid or received, as the case may be, in a day. Suppose you have purchased Goods from X for your business. Bill amount is 18740/-. You can pay him Rs 10000/ today and the balance Rs 8740/- on tomorrow. If you pay more than Rs 10000/- in a single day , you are violating the Cash Limit provisions.
06 March 2020
As per the section 40 (3) we have spend the cash limit to a person 10000 in single day
For EX : I Am paying 10000 to X and same day paying 5000 to Y this is allowed or not
Kindly advise Expert
For EX : I Am paying 10000 to X and same day paying 5000 to Y this is allowed or not
Kindly advise Expert
06 March 2020
The amount paid to X and Y is less than or equal to Rs. 10000. Hence both will be allowed. 10000/- is limit for payment to a single person in a day.
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