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What is the limit to pay salary in cash in sole proprietorship firm
07-Nov-2023 (In Civil Law)
Up to what limit salary can be paid in cash...if its sole proprietorship firm.
It would be advisable for you to not pay salary in cash which is in excess of Rs. 10,000 as any salary that you pay in cash above Rs. 10,000 would not be subject to tax deduction.
The earlier limit for the same was Rs. 20,000 but after the budget of 2017, the above stated changes have been made to section 40 A (3) of the Income Tax Act to disincentive the cash economy.
The earlier limit for the same was Rs. 20,000 but after the budget of 2017, the above stated changes have been made to section 40 A (3) of the Income Tax Act to disincentive the cash economy.
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Adv. Samyak Raj
Delhi | 500+ Answers
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