Cash Limit in Income tax
Limit on payments in cash for expenses/ liability (Subject to certain conditions and exceptions) | 1) Rs. 10,000 (total payment to a person in a day) 2) Rs. 35,000 (total payment to a person in a day) for payments made for plying, hiring or leasing of goods carriage. |
Limit on accepting loan or deposit or any specified sum otherwise than by account payee cheque or account payee bank draft or electronic clearing system or through such other electronic mode as may be prescribed (Subject to certain conditions) | Rs. 20,000 in aggregate |
Limit on repayment of loan or deposit or any specified advance received by it, otherwise than by account payee cheque or account payee bank draft or electronic clearing system or through such other electronic mode as may be prescribed (Subject to certain conditions) | Rs. 20,000 in aggregate |
Limit on receiving any amount otherwise than by account payee cheque or account payee bank draft or electronic clearing system or through such other electronic mode as may be prescribed (Subject to certain conditions) | Rs. 2,00,000 or more in aggregate from a person in a day |