Hi,
I heard that rent payments more than Rs 20 K per month needs to be paid by cheque only.
Is this true?
Thanks
Aasim
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Rent Payment by cheque
Replies (1)
dear aasim
this rule is not for only rent payment but it is for all the payment made by any person in cash for more then 20000/- then it will be liable to pay tax on that amount,
so by the law it has been made complusory to make payment in excess of Rs.20,000/- to be made by a/c payee chaeque not in cash.
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