Cash payment exceeding 20000/-
This query is : Resolved
23 June 2012
Can an individual not involved in Business make payment exceeding 20000/- at atime to an individual or an organisation.
Does sec 40A(3) apply for individual not having any business
Does sec 40A(3) apply for individual not having any business
CA PARAS BAFNA
(Expert)
23 June 2012
Section 40A(3) applies in respect to Business expenditure only.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
23 June 2012
Thank you sir.
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
CA PRAVEEN SINGH
(Expert)
23 June 2012
Agree with above expert.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
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