Tag Archives: cash transaction

Limit & Penalty on Cash Transaction w.e.f 01.04.2017 -Income Tax ( India)

By | June 16, 2018

Don’t use cash for these transactions w.e.f 01.04.2017 S. no. Section Cap on cash transaction Penalty for cash transaction 1. 13A -Exemption to political parties Receipt of cash donation above Rs 2,000 No exemption 2. 40A(3)- Disallowance for cash expenditure Payment of any expenditure above Rs. 10,000 No deduction Payments for plying, hiring or leasing… Read More »