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
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?
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.
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
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
