Why One Should Handle Transaction Exceeding Rs 20000 With Care.

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The Income tax Act prohibits CASH transaction of Rs 20000 and more in two cases :While making business expenditure exceeding Rs 20,000 in CASHWhile receiving or repaying loan/deposit of Rs 20000 and more in CASHThe first restriction is as per provision contained in Section 40A(3) which says that except in specific exception provided in IT...