Amount exceeding rs.20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
An assessee deducted TDS of Rs.Two Lacs. He deposited Rs.Two Lacs CASH in Mr.X's saving a/c who used his internet banking to make the payment on the assesse's behalf on the same day. Does this transaction contravenes any IT provision. The assessee is under Tax Audit.
11 July 2012
Tax payments by cash exceeding Rs.20000 will not attract sec.40A(3)
11 July 2012
1.Payment of 200000 by internet banking considered as payment other than cash mode.
2. Secondly Deposit of cash exceeds Rs 50000
in bank A/c prohibited unless assessee furnish his PAN no except in case of Agriculture Income.
2. Secondly Deposit of cash exceeds Rs 50000
in bank A/c prohibited unless assessee furnish his PAN no except in case of Agriculture Income.
11 July 2012
this will not attaract 40A (3). because this is for disallowance of expense. TDS deposit is not expense.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- ITR returnFY25-26
- Treatment of Pension ?annuity returns on PMVY
- Scrutiny assessments u/s 143(2) for AY 25-26
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
