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Advance cash payment more than rs.20000/-

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2013 Can we make cash payment more than Rs.20000/- as advance
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CA PARAS BAFNA

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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.
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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.
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Advance given in connection with buying a fixed asset- can, however, be given.
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