We cannot make any cash transaction exceeding ₹ 10,000/- per day w.e.f.1.4.18.
if we have received a report which contains the details of petty cash expenses incurred in a month at our site that is crossing 10,000 limit & we have given the cash for the same exceeding 10,000/- on a particular day is it violation of the said limit?
& how its different from 2lac cash limit per transaction/per day?
please explain
Clarification Sought on Companies Law: Individual Transactions vs. Daily Cash Limit of 10,000 and 2 Lakh Rule. A query was raised regarding cash transaction limits under Companies Law, effective from April 1, 2018, which restricts cash transactions to 10,000 per day. The question concerned whether exceeding this limit for petty cash expenses on a particular day constitutes a violation and how it differs from the 2 lakh limit per transaction or per day. A respondent clarified that even if total expenses exceed 10,000, each individual transaction should be considered separately. Further suggestions were requested for clarity on the matter. (AI Summary)
TaxTMI 
TaxTMI 
