Cash payment Limit

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 becau .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... se 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. - Reply By Saravanan Nagaraj - The Reply = Dear Sir, As per I .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ncome Tax section 40A(3) , you shouldn't make cash payment to a person morethan ₹ 10000/- or aggregate amount should not exceed more than ₹ 10000/- a day. These expenses would be d .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... isallowed at the time Income tax filling. N Svia Saravanan Tax Care Services Coimbatore - Cash payment Limit - Query Started By: - Kailash Garg Dated:- 13-10-2020 Income Tax - Got 1 Reply .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMI .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X