Cash payment exceeding 20,000
This query is : Resolved
19 December 2015
Can we make cash payment of Rs 30,000/- to Mr.X by breaking up into 3 parts of Rs 10,000 each in 3 different days in a particular year. Will it attract IT Act provision of Rule 6D or any other provisions.
Please answer supporting IT provision reference.
Thanking you.
20 December 2015
It will not attract IT Rule 6D. As per the provisions cash payment in a day not to exceed Rs 20,000.
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