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ALLOWABILITY OF CASH PURCHASE

This query is : Resolved 
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(Querist)
09 June 2010 DEAR SIR,

I HAVE TAKEN PURCHASE BILL OF RS.115000/- FROM A FIRM AND PAYING REGULARLY THROUGH CASH PAYMENTS BELOW RS. 20000/- EACH.I WANT TO KNOW THAT ,THE CASH PURCHASE WILL BE DISALLOWED U/S 40 OR IS THERE ANY TDS LIABILITY.ALSO EXPLAIN THE RIGHT WAY TO DEAL WITH SUCH A TRANSACTION.

THANKS IN ADVANCE.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
09 June 2010 Single day More than Rs.20000/ for a single vendor is disallowed
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