Cash payment Limit

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..... Cash payment Limit
Query (Issue) Started By: - Kailash Garg Dated:- 13-10-2020 Last Reply Date:- 27-11-2020 Income Tax
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Income Tax
Dear Sir, We are one of the manufacturer of .....

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..... 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 soy .....

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..... abean 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 .....

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..... order to not abide any law please let us know how can we sort out this problem. Reply By Saravanan Nagaraj: The Reply: Dear Sir, As per Income Tax section 40A(3), you shouldn't make cash payme .....

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..... nt to a person morethan ₹ 10000/- or aggregate amount should not exceed more than ₹ 10000/- a day. These expenses would be disallowed at the time Income tax filling. N Svia Saravanan Ta .....

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..... x Care Services Coimbatore
Discussion Forum - Knowledge Sharing .....

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