Cash transaction in a year
This query is : Resolved
17 May 2012
I want to know that in a particular year how much cash purchase can be done from a particular vendor.
Aditya Maheshwari
(Expert)
17 May 2012
Limit is upto Rs. 20,000/- per day
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17 May 2012
There is no annual limit as such. However, there is limit for payment against expenditure per day which is Rs. 20000.00 as set by Section 40A(3). There are some exception to it which are given in Rule 6DD.
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CA Rahul Trada
(Expert)
17 May 2012
This Rs.20,000/- limit is against payment of expenditure in a particular day. But there are some exception to it for which are also specified in Rule 6DD
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