Advance cash payment more than rs.20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2013
Can we make cash payment more than Rs.20000/- as advance
CA PARAS BAFNA
(Expert)
25 January 2013
No, Advance of 20000/- given in connection of an expenditure appearing in P&L A/c or in the form of Loan -may create uncomfortable position.
.
In the first case- the expenditure will be disallowed. In the second case person accepting such advance as loan is endangering himself so as to be caught by the provisions of Section 269SS.
.
Advance given in connection with buying a fixed asset- can, however, be given.
.
.
In the first case- the expenditure will be disallowed. In the second case person accepting such advance as loan is endangering himself so as to be caught by the provisions of Section 269SS.
.
Advance given in connection with buying a fixed asset- can, however, be given.
.
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