01 June 2011
Dear Sir, My Name is Ishant Agarwal. In one of my client Company, one director goes in US for office purpose. He purchase US Currency for 2000$. He pay Ebullient amount in Cash to Delar i.e near Rs. 92000. in US he spend these Dollar. Can this Expenses is Allowed in Income Tax Act.
01 June 2011
Thanks Sir But as per sec 40(a)any Expenses for more than 20000 in cash is diallowed. can this expenses is allowed even if all 2000$ spend in singal transaction.
CAclubindia
