Cash payment exceeding ₹ 20,000/-
This query is : Resolved
08 March 2017
Hi, Please guide me that whether a firm can pay remmuneration to partners Rs 25000/- each in Cash? The amount is within the permissible limit of Section 40(b).
08 March 2017
Hiii, kindly note that as per section 40A(3) amount paid in excess of Rs. 20000 towards expense is disallowed
even in case of partnership firm salary as per section 40(b) is expense for firm and if more than 20000 is paid in cash, same will be disallowed as per 40A(3).
even in case of partnership firm salary as per section 40(b) is expense for firm and if more than 20000 is paid in cash, same will be disallowed as per 40A(3).
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- STCG on ETF gold & silver
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Loan by Partnership Firm
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
