Limit of Cash Expenditure
This query is : Resolved
26 June 2010
Dear Expert
I learn that Cash expenditure for single transaction has been increased from 20,000/- but whow much that I would like to know and from which date?. Further, this deals with which section of IT Act. Please explain. I will be very thankful to you.
I learn that Cash expenditure for single transaction has been increased from 20,000/- but whow much that I would like to know and from which date?. Further, this deals with which section of IT Act. Please explain. I will be very thankful to you.
CA Sanat Pyne
(Expert)
26 June 2010
IT IS STILL RS. 20000 LIMIT.
26 June 2010
AGREE WITH MR. PYNE
CMA Ramesh Krishnan
(Expert)
26 June 2010
yes.still Rs.20000 only, except the payment to Transporter increased Rs.35000/ - w.e.f.finance act 2009
VNS Sarma, Advocate
(Expert)
26 June 2010
As per Sec.40A(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure.
Provided further that in the case of payment made for plying, hiring or leasing goods carriages, the provisions of sub-sections (3) and (3A) shall have effect as if for the words “twenty thousand rupees”, the words “thirty-five thousand rupees” had been substituted.]
Provided further that in the case of payment made for plying, hiring or leasing goods carriages, the provisions of sub-sections (3) and (3A) shall have effect as if for the words “twenty thousand rupees”, the words “thirty-five thousand rupees” had been substituted.]
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