we are having retail shop,we have to purchase from different places,how much amount is permissable for cash purchase.
vinod sharma (self employed) (54 Points)
19 September 2017we are having retail shop,we have to purchase from different places,how much amount is permissable for cash purchase.
CA Raksha Shree
(Associate Consultant)
(421 Points)
Replied 19 September 2017
If you pay more than Rs. 20000 to a single person in a single day, then it will be disallowed under sec 40A(3) of income tax act. Now the limit has been reduced to Rs.10000 from AY 2018-19
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