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cash transaction
can I pay Rs 15000 in cash against purchase of goods in a single day.
Replies (1)
No,
As per section 40A(3) of Income Tax Act, 1961 amended as per the Finance Act, cash payment made in excess of Rs. 10,000/- is disallowed if it relates to a single expense.
Hence in the given situation payment cannot be made in cash.
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