limits on cash transactions
RESTRICTION ON CASH TRANSACTIONS
- Limit for disallowance of business expenditure made in cash is reduced from Rs 20,000 to Rs 10,000 made to a person per day. (Limit of Rs 35,000 for payment made to transporters however continues)
- Above dis allowance is extended on capital expenditure also by restricting depreciation and Capital Expenditure on R & D.
- If you have purchased a two wheeler by paying Rs 15,000 in cash and Balance Rs 30,000 in Cheque – Depreciation eligibility will be only on Rs 30,000/-
- No deduction allowed for donation U/s 80G in excess of Rs 2000/- if paid in cash.
- Prohibition for accepting loan other than by A/c payee Cheque / Draft /ECS in excess of Rs 20,000/- continues (269SS).
- Prohibition for repaying loan other than by an A/c payee Cheque / Draft /ECS in excess of Rs 20,000/- continues (269T).
- W.e.f 01.06.2015 above restrictions extended to acceptance of advance towards sale of immovable property and repayment of such advance.
We are registered trust can we receive donation of above two thousand in cash? If we receive above two thousand in cash what r the repercussions? What happens? Clarify.
ReplyDeleteas per new rules, take donation through cheques/DD/Online transfer or related ways. It is safe and secure for your trust.
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