Cash deposit in bank account of creditor exceeding 20000/-
This query is : Resolved
03 May 2016
I need to pay my suppliers through bank. But I have to deposit cash in their bank accounts. Is such amount exceeding 20000/- allowed as per income tax laws
04 May 2016
From the judgment of Bangalore ITAT in the case of Renukeswara rice mills Vs ITO (2005) 278 ITR 77 it can be said that if cash deposit is made directly in bank account then there is no disallowance of section 40A(3).
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