How much money can be accepted by cash as salary from a company?
Menu
Income in cash
Replies (6)
You can accept any amount of cash as salary but employer will be able to pay upto Rs 10000 only
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.
Is it Rs. 10000 per month or per financial year?
10000 per day per party
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.
Section 40A(3) restricts Payment exceeding Rs. 10,000 in CASH.
Section 269ST restricts Cash Receipts of Rs. 2,00,000 per day.
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?
Recent Topics :
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
Related Topics :
CAclubindia
