Issue of cash payment

Yes.... you can pay up to 20000 per day in cash above which will be disallowed

By party, u mean creditor?

yes, i agree , u can pay not more than Rs 20000/- per day

If creditor is for capital expenditure, you can pay whole sum in a day in cash but if it is for revenue expense, you can pay as desired by you but be careful your case may be in scrutiny.

If creditor is for capital expenditure, you can pay whole sum in a day in cash but if it is for revenue expense, you can pay as desired by you but be careful your case may be in scrutiny.

yes right said above, because sec 40 A(3) does not apply to payment of capital expenditure.restriction on only revenue expenditure.maxi 20000 one day one person.

above case one can do....

i agree with Roshan Sir....

I am also agree with Mr. Praveen Sir & Mr. Rama Rao Sir.

Yes , I am fully agree with Mr. Raushan and Praveen

IT IT IS FOR REVENUE EXPENDITURE THEN BETTER SHOW IN YOUR BOOKKS PAYMENT ON DIFFERENT DAYS UPTO 20,000 AND TAKE RECEIPT FROM THE CREDITOR OF THOSE DAYS ON WHICH YU PASSED THE ENTRIES. THIS WILL SAVE YOU FROM SCRUTINY AND PROVISIONS WILL ALSO BE SATISFIED

I work for MNC with around 350 staff members. The Company provides subsidised staff canteen and  provides fund every year for holiday home. The Staff Canteen and Holiday Home Is managed by our Secretary. The trustee/Secretary is embezzling the funds by dealing with the canteen contractor as well as holiday home owners in cash. As such most of the transaction i.e 95% is done in cash. Does the law provides us to deal in cash and what is the limit. Who are the authority whom we can approach and proper action initiated against the Secretary.