Restrictions for payment and acceptance of Cash in India
|
Detail of Transactions
|
Limit
|
Penalty/Fine for Receiver
|
Penalty/Fine for making payments
|
Remarks
|
|
Payment and repayment of Loan /deposits other than
agriculture ,
Payment against purchase of Immovable property.
|
20,000
Under section
269SS of IT Act
|
100% of the amount received/accepted
|
Nil
|
No penalty if payment is accepted on reasonable cause
(Medical emergency etc)
|
|
Any payment by individual for purchase of movable
property, marriage function, construction of house etc
|
2,00,000
Under section
269SS of IT Act
|
100% of the amount accepted
|
Nil
|
|
|
Payment by business entity
|
To traptr 35000 other
10,000 u/s
40A
|
Nil
(but if more than 2,00,000 269SS will apply)
|
Disallowance of expenses made in cash
|
|
No comments:
Post a Comment