cash paymemt

This query is : Resolved

DHARMEMDER (Querist)
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26 August 2017 Dear all, One cloth trader has make a bill of Rs 100000/- Can we pay this amount in cash in a single day....? should this transaction covered section 269st..?

RAJA P M

RAJA P M (Expert)
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26 August 2017 You can't pay cash above 10k as per income tax act.... 269st is applicable for receipt of cash above 2lakhs....

DHARMEMDER

DHARMEMDER (Querist)
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28 August 2017 sir If anybody can receive a cash of Rs

DHARMEMDER

DHARMEMDER (Querist)
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28 August 2017 Sir If anybody can receive a cash upto Rs 2 lac. Than why we cannot pay Rs 100000/- on purchase.

RAJA P M

RAJA P M (Expert)
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28 August 2017 You can receive Cash less than 2 lakhs. You don't fall under 269ST. But, The giver is also fall u/s 40A(3A).
The same You give 10000 to less than 2 lakhs you fall u/s 40A(3A)...

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