Sridip Kumar Shaw (Executive-Accounts) (62 Points)
28 September 2018how much tax will impose for payment received in cash in excess of Rs. 20000 against a single invoice in a single day?
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 28 September 2018
cash payment 20,000 to 10,000 for the f/y 2018-19 is disallowed if made against single bill to single person
RAJA P M
("Do the Right Thing...!!!")
(127299 Points)
Replied 28 September 2018
Sridip Kumar Shaw
(Executive-Accounts)
(62 Points)
Replied 28 September 2018
Thank You Sir, now I just want to know in which u/s of the IT Act/GST Act does it attract? Can you please explain in detail???
RAJA P M
("Do the Right Thing...!!!")
(127299 Points)
Replied 28 September 2018
Bhoomeshwar Gudla
(14 Points)
Replied 28 September 2018
Ashwin Kumar
(1229 Points)
Replied 28 September 2018
restriction under section 40A(3) applies only on cash payments and not on reciepts. so,TDS will not be deducted and no need to worry of disallowance. cah payment is restricted to rupees 10000 it is applicable from fy 2017-18.
CAclubindia
