Cash transaction issue
This query is : Resolved
TARIQUE RIZVI
(Querist)
10 April 2017
Upto Ay 17-18 [ Year ending March 17 ] limit of cash payment was Rs.20,000/= and we used to pay the bill in the instalments @ Rs 19,900/= each but from Ay 18-19 [ Year ending March 18 ] limit of cash payment is Rs 10,000/= whether can we pay the bill in the instalments @ 9,900 each. The concept is still not clear to me and I am badly confused in this connection. Can any one guide me please.
CA R SEETHARAMAN
(Expert)
10 April 2017
You can pay in such instalments but as per section 269st aggregate payment should not exceed 2 lacs for a invoice.
10 April 2017
Yes you can pay @9900 but amount will not be exceed Rs. 2 Lacs for that invoice.
Studentsca
(Expert)
10 April 2017
The concept is daily cash cash payment should not exceed Rs. 10,000/- and total cash payment for the overall transaction should not exceed Rs. 2,00,000/-.
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