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Amount exceeding rs.20000/-

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Querist : Anonymous

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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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 July 2012 Tax payments by cash exceeding Rs.20000 will not attract sec.40A(3)
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CA VISHAL RANA,CS,B.Com,AMFI

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CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
11 July 2012 this will not attaract 40A (3). because this is for disallowance of expense. TDS deposit is not expense.
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