Cash Transaction

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170 Points Posted on 02 May 2020
As per IT ACT cash transaction in one or multiple invoice maximum less than 2 Lakh per customer
my question is if cash invoices issued then seller how much amount cash received in a day against that cash invoice or invoices in one purchaser ?
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On 02 May 2020 at 19:33 Report
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This discussion clarifies the IT Act's rules on cash transactions. While a single invoice can be up to £2 Lakh per customer, daily cash payments exceeding £10,000 may not be eligible for expense deductions. It's important to distinguish between the invoice limit and the daily payment limit for tax purposes.

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49 Points Posted on 02 May 2020
10000 per day
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On 02 May 2020 at 21:11
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170 Points Posted on 02 May 2020
Plz clarify 10000 if cash transaction limit less than 2 Lakh why 10000 concept
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On 02 May 2020 at 22:09
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148 Points Posted on 03 May 2020
Against one invoice seller can receive max below 2 lacs. but if buyer pays more than 10,000 in cash for any expense then he cannot get deductions for such expense.
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On 03 May 2020 at 09:10

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