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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…

About Prashant Thakur

The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

Print Friendly

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…

About Prashant Thakur

The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.