Regarding Cash Transactions
This query is : Resolved
08 March 2025
How much limit of cash transactions to SUNDRY CREDITORS & Debtors ? under IT.
08 March 2025
Section 40A(3) of the Income Tax Act states that any cash payment exceeding Rs. 10,000 in a single day to a creditor will be disallowed as a business expense. This means that if you pay more than Rs. 10,000 in cash to a creditor, that amount will not be deducted from your taxable income, potentially increasing your tax liability.
Cash Receipts from Sundry Debtors:
Section 269ST restricts cash receipts from a single person in a day to Rs. 2 lakhs. If you receive more than Rs. 2 lakhs in cash from a debtor, you may face a penalty equal to the amount received.
Cash Receipts from Sundry Debtors:
Section 269ST restricts cash receipts from a single person in a day to Rs. 2 lakhs. If you receive more than Rs. 2 lakhs in cash from a debtor, you may face a penalty equal to the amount received.
04 October 2025
Good luck...
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