limit of cash transaction
Rahul Garg (17 Points)
15 March 2018
what is the limit of cash transaction of sale and purchase in one day?
3 Replies
Rahul Prasad
(CA Student)
(1683 Points)
Replied 15 March 2018
above 10000 you can not pay for a bill . how ever for sale there is limit you can not receive cash more than 200000 for a bill in a day.but better to do transaction through banking system.
bhawna kumari
(25 Points)
Replied 15 March 2018
as per section 40A(3) of income tax act as amended by finance act 2017, limit is rs 10000 for expenditures in cash in a single day to a person.
Aashish Sachdeva
(839 Points)
Replied 15 March 2018
You cant receive 200000 from an party.....
you can't pay more than 10000 against an purchase......
its my personal opinion, if anybody have different view then views are welcome. thanks. Disclaimer: its not Professional Advice.
you can't pay more than 10000 against an purchase......
its my personal opinion, if anybody have different view then views are welcome. thanks. Disclaimer: its not Professional Advice.
Recent Topics
- FCNR DEPOSIT INTEREST EARNED REPORTING IN ITR
- Available for rent
- Refund of Excess TDD
- Business code under section ADA -WHERE TO FILL
- CPS contribution by TN govt
- GST Refund under Inverted Duty Structure without E
- Expense consideration
- While filing ITR 1 IN CASE let out property it is
- Regarding LTCG on property where payment is constr
- Tenant rent reflecting wrongly in AIS
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
