Cash payment above 35000 in a day
This query is : Resolved
gaurav g. patel
(Querist)
29 March 2013
1) 1.2.13 mr. x pay to balaji transport rs 16000 l.r. no 456 and also pay 29000 rs l.r. no. 458 in same day it is allowd or not
2) capital assets purchase and cash paid above 20000 it is allowed.
2) capital assets purchase and cash paid above 20000 it is allowed.
30 March 2013
limit of RS 20,000 is applicable on only revenue expenditure not on capital expenditure..
and in first case it will be disallowed as for transporters limit is Rs 35,000
refer section 40A(3).
and in first case it will be disallowed as for transporters limit is Rs 35,000
refer section 40A(3).
gaurav g. patel
(Querist)
30 March 2013
yes i know that 35000 limit but in the act they provide that if any diffrent bill is there then it shuold b allowed and if one bill and diffrent payment in the day then dissallow
22 May 2013
Yes both of you are correct. Different bill means not of the same party so do not get confused.
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