Advance paid in Cash
Querist : Anonymous
1.) Advance paid in cash more than 20000 in one time and later adjusted to the final bill of 36000. What treatment under section 40(A)3
2.) Advance paid in cash more than 20000 in one time to a vendor. Later vendor pays back the advance completely and give the total bill of 36000 which is settled by cheque. Whether 40(A)3 applicable. If yes, what is the implication. If no, what is the treatment otherwise.
Cash paid in excess of Rs. 20000.00 will be disallowed.
Situation two:
Even this situation the said amount will be disallowed as the payment is in excess of Rs. 20000.00 though it is later received and the whole amount is settled by cheque.
Querist : Anonymous
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