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2 Feb 2017

Restriction on Cash Transaction Union Budget 2017

Restriction on Cash Transaction Union Budget 2017 - SBIMONEY.IN provides you a all information related to Restriction on Cash Transaction i.e. discussed in current Union Budget AY 2017-18 & FY 2016-17.  .

In order to promote the digital economy, following restrictions have been imposed on Cash Transactions:-



NATURE OF EXPENDITURE

I. T. SECTION

EXISTING LIMIT

NEW LIMIT

IN CASE OF VIOLATION
CAPITAL – Purchase of Fixed Assets 43 No Limit Rs. 10000/- per day asset The expenditure shall not be included in the cost of asset. No Depreciation benefit.
REVENUE - Expenditure on Specified Business 35AD No Limit Rs. 10000/- per day asset No deduction shall be allowed in respect of such expenditure.
REVENUE – General Expenditure 40 A (3) Rs. 20000/- per day to a person Rs. 10000/- per day to a person No deduction shall be allowed in respect of such expenditure.
Any Payment received:-

(a) in aggregate from a person in a day

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person,
269ST
No Limit  
 
Rs. 3,00,000/- Penalty u/s 271DA equal to the amount of such payment received by a person.

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