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cash payments

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CA-Final
460 Points Posted on 28 January 2011

What is the rules for cash payments more than 20000/- and what provision for cash payments for single party

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On 28 January 2011 at 20:36 Report
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Learner
3134 Points Posted on 29 January 2011
You can not payment in excess of rs.20000.00 in a day to same person. But you can payment of two different bills in excess of rs.20000.00 to same person.
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On 29 January 2011 at 09:54
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Manager (Advance)
906 Points Posted on 29 January 2011
You can not make a payment exceeding Rs. 20,000.00, in a single day to the same party for a single bill, through cash or bearer cheque.
 
If you do so, then the respective expenditure will be disallowed.
 
Exception:
1. Payment made for plying, hiring, transportation charges upto Rs. 35,000.00
2. Payments made on bank holidays, in rural areas etc.
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On 29 January 2011 at 10:31
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Chartered Accountant
463 Points Posted on 29 January 2011

is it allowed  for a single bill more than 20000 say 38000,  payment in cash for two days 19000,19000rs respectively?

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On 29 January 2011 at 10:37
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Learner
3134 Points Posted on 29 January 2011

yes it will allowed in two days.

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On 29 January 2011 at 10:42
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Manager (Advance)
906 Points Posted on 30 January 2011
Yes its allowed in sucha way.
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On 30 January 2011 at 20:48
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CA-Final
460 Points Posted on 19 February 2011

Thank you so much

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On 19 February 2011 at 13:35


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