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Tsering Phuntsok

Cash payment limits Rs. 10,000/-

May I enquire from an expert among the group your guidance on two things,
It is heard that cash payment limit is reduced to Rs. 10,000/- as against Rs. 20,000/- from April 01. Is is right.

If it is so then how do we pay salary or wager to persons who do not have savings accounts. Can we pay them in few installments so that each payment do not exceed Rs. 10,000/-

Thanks more  

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View all 7 comments Below 7 comments
Somnath Sahu
this matter mr sunil garg comments agree. more  
NK SOMANI
Hello Phuntsok Irrespective of limit how come you are paying staff salary in cash, as all salaries must be paid by bank transfer or cheque only, so you need to correct this. Lets move to cash less economy as in all parts of world too Thanks more  
Sudarshan Goyal (MD of a Pvt Ltd Co.)
I am sorry. You are right. from 1-4-17, it has been reduced to 10000/- for AY 2018-19. more  
SUNIL GARG
It is going to be EFFECTIVE from 01.04.2017 that you cannot make cash payment in excess of Rs.10,000/- to a person in a single day for business transactions. It will be disallowed in computation of income i.e. will be added in business income and more income-tax has to be paid. more  
Sudarshan Goyal (MD of a Pvt Ltd Co.)
There is no such thing. No reduction in cash payment limit. Please don't post rumoured information more  
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