Cash payment exceeding 20000
This query is : Resolved
12 September 2012
the auditor in the firm says since it is used for transport purposes it is exempt from tax till 35000
12 September 2012
he is correct,the act has been amended and 35k it is exempt
12 September 2012
Yes he is correct. In general the limit is 20,000 but in case of transporter it is 35000
12 September 2012
Yes only for transporter a separate limit of 35000 is assigned.
07 October 2021
https://taxguru.in/income-tax/payment-in-cash-to-transporters-upt0-35000-allowed-from-01-04-2009.html
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