Limit of Cash Expenditure

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parag (Querist)
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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.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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26 June 2010 IT IS STILL RS. 20000 LIMIT.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 June 2010 AGREE WITH MR. PYNE

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

VNS Sarma, Advocate (Expert)
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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.]

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