14 March 2008
Restriction on cash payment > Rs. 20,000 : FM has proposed to disallow cash all the expenses incurred other than by account payee cheque or demand draft in excess of Rs.20,000 or more in a single day as against earlier provision of Rs. 20,000/- per transaction.
pl clarify the effect .. means if any single day pmt under whatsoever head is made exceeding rs 20,000/- the same shall be disallowed.
14 March 2008
No the language of the section says that if an expenditure.....the word used by section is "an" i.e.for a particular head the limit of Rs.20000/- per day per person is to be considered.
CAclubindia
