29 November 2011
Will sec 40A(3) will be attracted if payment is made to a person in respect of bills standing to the credit of his a/c eg if he has raised 3 bills of Rs 40000 each & we pay him in cash on different dates,each payment being below the limit of Rs 20000
29 November 2011
The section attracts when payments in cash exceeds RS 20000 per day. If you are paying the sums on different days, you are not violating the section if the aggregate per day do not exceed Rs 20000/
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