what is the limit to pay the cash to party / service provider / contractor if expenditure had deducted the TDS other than Transport charges head
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Cash payment limit if expenditure deducted tds
Replies (3)
None can make the payment above Rs. 20000/- by cash (single transaction).
also on single day to same party by multiple transactions
o Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses
in respect of which a payment or aggregate of payments made
to a person in a day,
otherwise than
by an account payee cheque drawn on bank or account payee bank draft,
exceeds Rs 20000.
Generally such expenses are disallowed,unless a few criteria as per the provision are satisfied
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