cash payment exceeding 20000/-
This query is : Resolved
CA Sanjeev Kr Jain
(Querist)
01 June 2008
I have business in delhi and the goods is purchased from KATNI, MP the truck freight always exceeds Rs 20000/- the truck driver always insist for cash.
Pl let me know if cash payment of such expenditure is allowable or not
vibcondelhi@indiatimes.com
Pl let me know if cash payment of such expenditure is allowable or not
vibcondelhi@indiatimes.com
Nilesh Damji Chheda
(Expert)
01 June 2008
No, according to income tax act the payment made above Rs. 20000/- is not allowed.
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