Restriction on payment of expenditure in Cash u/s 40A(3) - Cash payment in excess of ₹ 10,000 in a single day to a person shall not be allowed - Budget 2017-18 w.e.f. AY 2018-19

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..... ks to amend section 40A of the lncome -tax Act relating to expenses or payments not deductible in certain circumstances. Sub-section (3) of the said section provides that where the assessee incurs any expenditure in respect of which payment exceeding twenty thousand rupees is made otherwise than by an account payee cheque drawn on a bank or account payee bank draft to a person in a single d .....

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