cash payments limit for fy.2018-19 is 1lakh? or 2lakhs?
pls clarify.
Rs 200000
Chandrasekhar (Accountant) (59 Points)
18 April 2019
Shirish Shome
(other)
(271 Points)
Replied 19 April 2019
As per sec. 40(A)(3) of IT act ..... Where the assessee incurs any expenditure 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 a bank or account payee bank draft, [or use of electronic clearing system through a bank account, exceeds ten thousand rupees,] no deduction shall be allowed in respect of such expenditure.
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