How much amount can be received by a customer in cash across the counter with respect to a bearer cheque in a bank?
Does the amount differs for a self cheque and third party cheque i.e some other name appearing as payee name?
Give me clarification with any sections/rules of prevailing laws and regulations if possible
As per Income-Tax Act,cash as well as bearer cheque is a same thing & its restricted to 20000/-.
Refer section 40(A)(3) of the I-T Act whihc is as per the link below:
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=48529d65-3cb8-414b-8cf9-1d7fd50c4722&rdb=sec&yr=e5be6bdb-1fc4-42d6-ac7b-34a44fd65485&sec=40&sch=&title=Taxmann - Direct Tax Laws
Chirag N Shah & Associates
Mumbai
CA Inter
View Details
Gowra Ventures Pvt Ltd
Hyderabad
CA
View Details
VIKAS VERMA & CO
New Delhi
Others
View Details
CAclubindia
Pro
Modal body text goes here.
CAclubindia
