Cash payment

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neeraj (Querist)
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19 November 2010 Is the cash payment exceeding 20,000 or 35,000 (as the case may be) is against per invoice or it is maximum amount payable to any party in one day ????
Plz provide the reference also (if possible)

for e.g 1st bill - Rs.15,000
second bill- Rs.15,000
One payment on a single day Rs.30,000....
Is it allowed ?????????

CA Sanat Pyne

CA Sanat Pyne (Expert)
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19 November 2010 YES IT IS ALLOWED.

MAXIMUM LIMIT SHOULD BE CONSIDERED PER BILL BASIS.

neeraj

neeraj (Querist)
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19 November 2010 But i had heard that now the sec is amended & now it is on per day basis ???????
Is it correct ?????????

CA Sanat Pyne

CA Sanat Pyne (Expert)
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19 November 2010 NO THERE IS NO AMMENDMENT AS YET.

neeraj

neeraj (Querist)
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19 November 2010 thnx a lot sir........

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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19 November 2010 Maximum cash payment can be made up to 20,000/- whether it is single or a consolidated basis.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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19 November 2010 VIVEKJI
PLEASE CHECK
V .K SINGHANIA'S DIRECT TAX LAW & PRACTISE

PAGE NO 400,
148 P1 PROB NO 3.

CA. Kishore Choudhary

CA. Kishore Choudhary (Expert)
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19 November 2010 agree with sanatji

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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19 November 2010 Agreed with Sanat, The payment may even exceed Rs.20000/- if the bill amount is less than Rs.20000/-
Eg. 1 st Bill amount Rs.12000
2nd Bill amount Rs. 13000

Cash of Rs. 25000 may be paid on single day for the above mentioned bills

neeraj

neeraj (Querist)
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20 November 2010 thnx a lot to all of u specially CA Sanat sir

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