Cash Transaction

This query is : Resolved

Ilayaraja S (Querist)
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19 March 2020 Dear Sir/Mam,

1.Cash transaction per day not exceed Rs.10000.
2.Below section can make a cash payment for carriage outwards up to Rs.35000 per day.Kindly give your feedback.

In order to disincentives cash transactions, section 40A (3) has been amended and limit of cash payment per day to a person has been reduced from ₹20,000 to ₹10,000 from assessment year 2018-19. However no changes to the monetary limit of ₹35,000 has been made in the case of payment for plying, hiring or leasing of goods carriage which was effective from October 2009.The disallowances to be applicable if the payment made in a day to a person otherwise than an account payee cheque/draft/use of electronic clearing system through a bank account.

Thanks & Regards,
S.Ilayaraja

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2020 Yes Cash payment per day is amended to Rs 10,000 but cash payment for carriage outward not amended continue to be Rs 35,000.

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