ALLOWABILITY OF CASH PURCHASE
This query is : Resolved
vishal singh
(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.
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.
CMA Ramesh Krishnan
(Expert)
09 June 2010
Single day More than Rs.20000/ for a single vendor is disallowed
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