Article
28 Points
Joined March 2009
Dear All
Sec 269SS & T is only for loan or advance taken or payment(Balance Sheet item). So if the assessee has taken or has given any loan then he is not allowed to pay Rs20000/- in cash or receive the same.
for P/L items, In no way Rs. 20000/- can be paid in cash in one day to one party but there is no limit for any receipts, as the problem then lies with the giver and not taker.So still if the assessee wants to deal then he can simply break the amounts in Rs.20000/- or less in one voucher in one date.