Cash transactions

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Gaurav

Gaurav (Querist)
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08 January 2018 What is the effective date of new cash limit under section 40A(3)?

Renu Goyal

Renu Goyal (Expert)
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08 January 2018 The effective date for new cash limit u/s 40A(3) is 1.4.2017.( F.Y. 1.4.2017, A.Y. 1.4.18). From 1.4.2017 paying more tha 10000 in cash will attract 40A(3).

Gaurav

Gaurav (Querist)
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08 January 2018
15. Words "or use of electronic clearing system through a bank account, exceeds ten thousand rupees," shall be sub. for "exceeds twenty thousand rupees," by Act No. 7 of 2017, (w.e.f. 1-4-2018).

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

Please make me confirm

Renu Goyal

Renu Goyal (Expert)
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08 January 2018 It means along with account payee cheque , account payee bank draft, electronic clearing system can be used for paymnet in excess of Rs. 10,000. The word "exceeds exceeds twenty thousand rupees" has been substituted by "or use of electronic clearing system through a bank account, exceeds ten thousand rupees"

Gaurav

Gaurav (Querist)
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08 January 2018 Thank You Mam for your precious time.

Renu Goyal

Renu Goyal (Expert)
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08 January 2018 Welcome....................

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