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Cash Payment

This query is : Resolved 
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(Querist)
03 March 2010 Can A Director (P. Ltd. Com.) Payment in Cash Rs.20000/- or more pay or not ?
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Sudhindra

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Sudhindra (Expert)
03 March 2010 any payment in cash in excess of Rs 20000 to a signle party would attract the provisions of disallowances under the Income tax act.....other than those payable to statuturoy payments as specififed under section 40 A(3) of the IT act 1961...
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 March 2010 Yes.Section 40A(3) applicable even you are paying to Director
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