Cash transactions
This query is : Resolved
08 January 2018
What is the effective date of new cash limit under section 40A(3)?
Renu Goyal
(Expert)
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).
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
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
(Expert)
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"
Renu Goyal
(Expert)
08 January 2018
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