Quick Answer: Can Salary Be Paid In Cash More Than 10000?

What is cash payment limit?

The government has introduced a cash transaction limit per day, which is also enacted in Finance Bill, 2017.

That means, a person in a day, is allowed to carry out cash or related transactions that is below Rs 2 lakh.

Penalties on cash transaction is specified under section 271DA of Income Tax Act..

Can electricity bill be paid in cash above 20000?

Since the assessee has incurred expenditure otherwise than an account payee cheque exceeding Rs. 20,000/-, no deduction shall be allowed in respect of such expenditure. Hence, an amount of Rs. 1,86,628/- is disallowed under section 40A(3) of the Income-tax Act, 1961 and added back to the total income of the assessee.

What is the journal entry of paid electricity bill?

We are debiting electricity charges because the accounting rules as that we should debit all expenses and credit incomes, here electricity charges an expense for the firm therefore we will debit them .

Can loan be repaid in cash?

You can repay your entire loan in cash, provided each instalment is less than Rs 2 lakh. Receipt of single loan instalment by NBFC and HFC will fall under the purview of section 269ST clause (b).

Can a job Ask your current salary?

A salary history ban prohibits employers from asking applicants about their current or past salaries, benefits, or other compensation. This means employers can’t ask about your current salary on job applications or other written materials or ask you about your salary in an interview.

How can I remove salary slip?

Getting a salary slip or pay slipHuman Resources/ Finance/ Administration department of your employer.Payroll service provider who manages salaries and wages for your employer on outsourcing basis.Your bank can also give your pay slip if your earnings go directly into your bank account.

Is there any limit for cash in hand?

“As of now, there is no prescribed limit on cash holding but transactions above Rs 2 lakh in cash has been banned,” said the tax official. In addition to this limit, the Income Tax Act prohibits acceptance or payment of an advance of Rs 20,000 or more in cash for purchase of immovable property.

What is the cash transaction limit in GST?

Threshold Limit – Cash payment exceeding Rs 10,000 to a person in a single day. The limit is extended to Rs. 35,000 in case the payments are being made for plying, hiring or leasing of goods carriage to a person in a single day. Section 40A(3):– Any expenditure in respect of which payment is made in sum exceeding rs.

Is salary allowed in cash?

Section 40A(3) provides that payments in excess of Rs 20000 in cash shall be disallowed while computing the ”profits & Gains from business or profession”. Apart from this ,if the place has no banking facility, then when you can pay salary exceeding Rs 10000 in cash.

Can purchase be made in cash?

An individual can purchase an asset in personal nature in cash upto 2 Lakhs. … No transaction of sale/ purchase above Rs. 2 Lakhs can be made in cash. Any payment for revenue expenditure can be made in cash only upto 10,000 in aggregate to a person in a day.

Why do companies ask for salary slip?

Many HR Executives consider pay slip as proof of your salary and when they review this along with the copy of your appointment letter, they will get a clear picture on the CTC level of one’s present employment. Based on this, they will negotiate the new salary. … Based on this, they will negotiate the new salary.

Can I lie about my salary in interview?

The bottom line is that lying about your current salary isn’t a good idea, but not directly answering the question with one hard figure and instead demonstrating your market research is acceptable. … Instead, do your research and go after what you’re truly worth.

What is the limit of cash withdrawal from bank?

Currently, customers can withdraw ₹10,000 in a single transaction and ₹20,000 in a day from a State Bank of India (SBI) ATM. For other banks, the single transaction and daily withdrawal limit is different from card to card. For ICICI Bank, the daily withdrawal limit could range from ₹50,000 to ₹1.5 lakh.