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Payment of labour/ salary/ wages / bonus for more than rs.1000/- is to be made compulsory by cheque. ture or false
Hi
I got one whatsapp forward msg regarding Important Changes w.e.f 01/04/2017, in this one point i.e.
Any payment of labour/ salary/ wages / bonus for more than Rs.1000/- is to be made compulsory by cheque. can any one please confirm is it true or not
even please share the changes done by IT department in the cash transaction.
Replies (4)
It is 10,000/- and not 1K as per your query.
More than 10K is disallowed as per section 40A(3) of IT act.
Yes but limit is Rs.10000/- not Rs. 1000/-
THANK YOU SO MUCH FOR REPLY IT IS VERY HELPFULL TO ME...
Most welcome
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