means petty cash expenses in a single day also should not exceed 10000/-?
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Cash limit
yes...That's it...
thank you.
10000 limit for cash expenses in a day from 1.4.17 FY and assessment year 1.4.18...and 2 lakh limit is for cash receipts and not annual limit... Like u can't raise cash sales more than Rs. 2 lakh in a day.
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....
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....
| 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;
Hlw mam that is the assessment year 18-19 and so previous year is 17-18 in which u earn income... Hope u understood very well the concept of previous year and assessment year in income tax
if i make a contra entry of Site Petty Cash Rs.15000/- Dr to Cash Rs.15000/- is it okay?
Ya that is okay... Petty cash is not an expense... And also 10000 limit is applicable to one person... I mean payment to one person regarding one expense
okay.thank you.
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