Cases and circumstances in which a payment or aggregate of payments exceeding twenty thousand rupees may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft

Cases and circumstances in which a payment or aggregate of payments exceeding twenty thousand rupees may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft https://www.taxtmi.com/acts?id=3674 No disallowance under section 40A(3) and no deemed business income under section 40A(3A) arise where a payment, or aggregate of payments to a person in a day, exceeds the prescribed cash limit but falls within the specified exceptions in Rule 6DD. The exceptions cover payments to banking institutions and certain public financial bodies, payments to Government where legal tender is required, recognised banking-channel payments, adjustment against liabilities, specified agricultural and cottage-industry purchases, payments in unbanked areas, terminal benefits to employees or heirs, salary to certain temporarily posted employees without a local bank account, agent cash payments, and foreign-currency or travellers-cheque purchases by authorised dealers or money changers. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 23 May 2026 11:32:24 +0530 TaxTMI RSS Generator Cases and circumstances in which a payment or aggregate of payments exceeding twenty thousand rupees may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft https://www.taxtmi.com/acts?id=3674 No disallowance under section 40A(3) and no deemed business income under section 40A(3A) arise where a payment, or aggregate of payments to a person in a day, exceeds the prescribed cash limit but falls within the specified exceptions in Rule 6DD. The exceptions cover payments to banking institutions and certain public financial bodies, payments to Government where legal tender is required, recognised banking-channel payments, adjustment against liabilities, specified agricultural and cottage-industry purchases, payments in unbanked areas, terminal benefits to employees or heirs, salary to certain temporarily posted employees without a local bank account, agent cash payments, and foreign-currency or travellers-cheque purchases by authorised dealers or money changers. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3674