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Advance-cash payments above 20000

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2015 whether advance given also be consider for cash payments above 20000
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CA CS LAVESH VASYANI

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CA CS LAVESH VASYANI (Expert)
02 December 2015 Sec 40A(3)disallows any payment made exceeding Rs. 20,000 otherwise than by account payee cheque \ draft.

If advance is made towards capital expenditure exceeding Rs. 20,000 otherwise than account payee cheque \ draft then it will not be disallowed.

However if it is for revenue expenditure then it will be disallowed.

Further if the bill is less than 20,000 then amount of expenditure will not be disallowed even though the advance made exceeding Rs. 20,000.
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