Cash payments limit
This query is : Resolved
Prasanth.S
(Querist)
27 January 2009
Hi,
I just want to know whether any cash payment made to a single party of more than Rs.20000 is disallowed when such payments are made to that party in many installments but on the same day.
I just want to know whether any cash payment made to a single party of more than Rs.20000 is disallowed when such payments are made to that party in many installments but on the same day.
CA.Tarun Maheshwari
(Expert)
27 January 2009
Yes. Now it is disallowed even if payment is made in installments during a single day.
CA.Tarun Maheshwari
(Expert)
27 January 2009
And now 100% of the expense is disallowed instead of 20% as earlier.
rathish kumar.c.c
(Expert)
27 January 2009
cash payment over and above 20000 is disallowed 100% as against 20% in early years
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