Cash limit

means petty cash expenses in a single day also should not exceed 10000/-?

yes...That's it...

thank you.

Originally posted by : RAJA P M
	i) The 10000 cash limit from 01/04/2017....ii) The Cash limit not restricted in PETTY CASH. It's restricted 10k to One person. You can give 10k to multiple persons... iii) Also the same way for the 2lakhs p.a to a Single Person....

Yes... so sorry for the wrong information that i had given... The amendment is applicable from 1-4-2017.

Amendment of section 40A.

 In section 40A of the Income-tax Act,—

(a) in sub-section (2), in clause (a), in the proviso, after the words “Provided that”, the words, figures and letters “for an assessment year commencing on or before the 1st day of April, 2016” shall be inserted;

(b) with effect from the 1st day of April, 2018,—

(A) in sub-section (3), for the words “exceeds twenty thousand rupees”, the words “or use of electronic clearing system through a bank account, exceeds ten thousand rupees,” shall be substituted;

if i make a contra entry of Site Petty Cash Rs.15000/- Dr to Cash Rs.15000/- is it okay?

okay.thank you.