during a financial year, I made a payment voucher of 180000 in cash what cash payment is allowed or not in this case
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Rent paid in cash 180000
Replies (6)
Not...
above 10k is restricted under income tax...
above 10k is restricted under income tax...
Not allowed in income tax
Show rent paid on weekly basis then it will be below 10k
Payment more than Rs. 10,000 is not allowed to be paid to a single person in a day.
What is your nature of business ??
If it is transportation business then the payment per day limit per person for an expense is 35000/- .Else 10,000/-
If it is transportation business then the payment per day limit per person for an expense is 35000/- .Else 10,000/-
35000 threshold limit is in respect of payment made to transporter after obtaining the transporters PAN and not for rental payments.
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