Cash transactions
This query is : Resolved
08 January 2018
What is the effective date of new cash limit under section 40A(3)?
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
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"
08 January 2018
Welcome....................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
