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Income in cash

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NA
59 Points Posted on 26 August 2019

How much money can be accepted by cash as salary from a company?

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On 26 August 2019 at 16:13 Report
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17264 Points Posted on 26 August 2019
You can accept any amount of cash as salary but employer will be able to pay upto Rs 10000 only
101 Reply
On 26 August 2019 at 17:31
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Student
23688 Points Posted on 26 August 2019
The employer will be able to pay upto Rs. 10,000 in CASH , as exceeding such amount in cash is restricted as per the Provision of Section 40A(3) of the Income Tax Act 1961, under the head PGBP.
97 Reply
On 26 August 2019 at 18:35
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NA
59 Points Posted on 26 August 2019

Is it Rs. 10000 per month or per financial year?

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On 26 August 2019 at 18:49
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Accountant
3479 Points Posted on 26 August 2019
10000 per day per party
9 Reply
On 26 August 2019 at 22:43
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Student
23688 Points Posted on 27 August 2019
It is Rs. 10,000 per day per person.

Section 40A(3) restricts Payment exceeding Rs. 10,000 in CASH.

Section 269ST restricts Cash Receipts of Rs. 2,00,000 per day.
97 Reply
On 27 August 2019 at 00:14
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NA
59 Points Posted on 30 August 2019

Does it mean that an employee who gets a monthly salary of Rs. 3 lakhs (for example) can take in cash Rs. 10000 from his/her employer throughout the month instead of a credit at the end of the month as Rs. 10000x30 = Rs. 3 lakhs? Is this legal?

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On 30 August 2019 at 12:13


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