Income tax
This query is : Resolved
27 October 2012
WE ARE CONTRACTING PARTNERSHIP FIRM. PLEASE ADVISE MAXIMUM PERMISSIBLE LIMIT OF SINGLE CASH PAYMENT FOR FY 2011-12 AND 2012-13. IS IT 20000/- FOR BOTH THE PERIOD.
28 October 2012
The limit of single cash payment below Rs. 20000/- is applicable only in the case of payment against any expenditure for both the F Ys.
.
For amount receivable and payable to partners-there is no such limit.
.
You can't repay loans taken by your firm exceeding Rs. 20000/- in cash.
.
.
For amount receivable and payable to partners-there is no such limit.
.
You can't repay loans taken by your firm exceeding Rs. 20000/- in cash.
.
28 October 2012
Apart from above (as detailed by Mr Bafna) you can pay any amount in cash to Govt of any nature.
Cash exceeding Rs. 20000 can also be paid by Cash for business expenses or purchases but then you require to justify strongly that payment of cash was the only alternative.
But it is suggested to pay or receive through banking channels.
contact@vkbajaj.co.in
Cash exceeding Rs. 20000 can also be paid by Cash for business expenses or purchases but then you require to justify strongly that payment of cash was the only alternative.
But it is suggested to pay or receive through banking channels.
contact@vkbajaj.co.in
28 October 2012
Payment or aggregate payments exceeding Rs. 20000/- IN A DAY otherwise than a/c. payee cheque or draft, except the circumstances prescribed under substituted rule 6D Dis disallowable u/s. 40A(3).
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Rental income of jointly held property
- FEMA regulation Act. for inward remitance
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
