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Cash expenditure

Tax queries 215 views 1 replies

I UNDERSTAND THAT ONE SHOULD NOT INCUR CASH EXPENDITURE OF MORE THAN Rs.2 LAKSH IN A FINANCIAL YEAR. . I  AM A N INDIVIDUAL  ASESSESS. I INCUR  CASH EXPENDITURE OF RS. 25,000 PER MONTH ON  ITEMS LIKE SALARY TO MY HOUSE HOLD SERVANT, POWER BILL, PURCHAE OF VEGETABLES AND FRUITS, OTHER SUNDRY ITEMS ETC. 

IS IT PERMISSIBLE  TO INCUR  CASH EXPENDITURE  ,ON SUCH ITEMS  ? I DRAW CASH FROM MY SAVINGS ACOUNT BANK , PERIODICALLY..

Replies (1)

"IS IT PERMISSIBLE  TO INCUR  CASH EXPENDITURE  ,ON SUCH ITEMS  ? I DRAW CASH FROM MY SAVINGS ACOUNT BANK , PERIODICALLY.."

Yes, you can expend such amount in cash, when the expenditure is done for personal use, and the cash is authentic.......... Only restrictions are for business expenditures......
 


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