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Cash payment Limit, Income Tax

Issue Id: - 116789
Dated: 13-10-2020
By:- Kailash Garg
Cash payment Limit

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Dear Sir,

We are one of the manufacturer of soya bean products, in Madhya Pradesh, where in we purchase seeds from farmers of our locality. But since our production is vast local purchasing does not fulfill our requirements. Can we purchase soyabean meal from other villages also in order to fulfill our requirement. And if we pay them cash from our banks shall we face any liabilities because there is certain limit as per income tax act.

In order to not abide any law please let us know how can we sort out this problem.

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