Human (MRA) 27 December 2011
Dear Experts,
Is there any law / act / rule regarding the MAXIMUM PERMISSIBLE LIMIT of Cash Transaction between any 2 Indian Citizens in a day?
If there is one, please help with the relevant Act / Rule / Clause.
Also, if someone does a cash transaction Higher than the permissible limits in a day, what are the penalties related to the same?
SUNNY GUPTA (ADVOCATE) 29 December 2011
FOR ANY CASH TRANSACTION THE LIMIT IS RS.20000/- PER DAY U/S 40A OF INCOME TAX ACT, RULE 6D OF INCOME TAX RULES.
SUNNY GUPTA
ADVOCATE
SUNNY GUPTA (ADVOCATE) 29 December 2011
| Originally posted by :SUNNY GUPTA | ||
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FOR ANY CASH TRANSACTION THE LIMIT IS RS.20000/- PER DAY U/S 40A OF INCOME TAX ACT, RULE 6D OF INCOME TAX RULES. IF ANY TRANSACTION NEEDS TO BE DONE BEYOND RS.20000/- IT SHOULD BY A MODE OF CHEQUE OR BANK DRAFT OR FUND TRANSFER FROM BANK ACCOUNTS. SUNNY GUPTA ADVOCATE |
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