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Regarding petty cash in accounts
Dear Seniors... Have a Rs. 5k per month petty cash limit in my org.. if any emergency can we issue the petty cash more than 1k...? for one payment with approval
Replies (3)
Oh Yes...
You can give 1k to every one. The Cash limit to A Person/Business entity Rs.20K/per day (Now it Rs. 10k).. So, You can raise your cash limit.
Dear Mr. Nikhi,
No problem. You can do. no need any approvel from govt.
As per new income tax rules, you can do cash tranacations limit is Rs.20,000 per day for each transaction.
Cash transactions limit per day per person is Rs.10,000 after 01.04.2017(as per Section 40A (3) of the Income Tax Act) so you can raise your limit of petty cash expenses withour any govt. approval.
Prior to 01.04.2017, the limit was Rs. 20,000/-
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