CASH TRANSACTIONS
This query is : Resolved
31 January 2020
DEAR SIRS :: (1) HOW MANY DAYS IN A YEAR CAN MR. A MAKE CASH PURCHASES OF RS.TWO LAKH.... TWICE A WEEK OR TWICE A MONTH........(2) HOW MANY TIMES IN A YEAR LOAN REPAYMENT IN CASH OF RS.20,000 CAN BE MADE.... REGARDS
31 January 2020
1 No such limit of number of days. Each occasion and each purchase is counted.
2 No such limit but total outstanding should not exceed 20,000.
2 No such limit but total outstanding should not exceed 20,000.
31 January 2020
DEAR SIRS ::: FURTHER CLARIFICATION PLEASE :: I AM NOT JOKING 1) IT MEANS RS.2,00,000 CASH PURCHASES CAN BE MADE X 365 DAYS = 7,30,00,000 WITHOUT VIOLATING ANY PROVISION OF INCOME TAX ACT / LAWS.... 2) LOAN REPAYMENT AT RS.20,000 EACH DAY IN CASH CAN BE MADE X 365 = 73,00,000
31 January 2020
Accepting cash worth Rs 2 lakh or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion will lead to violation of cash transaction law.
Loan outstanding should not exceed 20,000.
Loan outstanding should not exceed 20,000.
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