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CASH PAYMENT RULES OF RS. 20000/-

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Querist : Anonymous (Querist)
10 July 2011 EXPLAIN ME THE EXCAT RULES OF CASH PAYMENT OF RS. 20000/- IN DETAIL WITH EXAMPLE.

IF I PURCHASE FROM ONE PARTY "A" ON 24/06/2011 FOR RS. 15000/- IN CASH, ON 25/06/2011 I PURCHASE FOR RS. 15000/- IS THIS VALID TRANSACTION BECAUSE MY TOTAL CASH PURCHASE IS MORE THAN RS. 20000/- IN CASH CAN I DO THIS TYPE OF TRANSACTION FREQUENTLY WITH THE SAME PARTY.YES OR NO. ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
17 July 2011 Rs.20000 cash payment is perday limit. so purchase of Rs.20000 by cash in different days will not attract sec.40A(3)
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