cash payment of the sum more than Rs 20000 shall be disallowed by the following percentage :
a) 20% of whole sum
b) no amount
c) 100% of whole sum
d) none of these
Option(c)
If payment or aggregate of payment made to a person in a day in cash exceeds Rs 200000 (or Rs 35000 in case of payment made for plying,hiring or leasing goods carriages), then whole amount will be disallowed u/s 40A(3).
CAclubindia
