Cash payment exceeding 20000
This query is : Resolved
10 September 2012
Hello
I am doing audit of a partnership firm..they are maintaining an account called "G.K.S TRAVELS ADVANCE A/C"...against that they have made several cash payments to that party exceeding 20000 by way of cash..pls help me in this regard whether i have to disallow those payments in xcess of 20000
Thanks in advance
I am doing audit of a partnership firm..they are maintaining an account called "G.K.S TRAVELS ADVANCE A/C"...against that they have made several cash payments to that party exceeding 20000 by way of cash..pls help me in this regard whether i have to disallow those payments in xcess of 20000
Thanks in advance
Amol S Joglekar
(Expert)
11 September 2012
why do you need to disallow these? You need to report these. Let allowance/ disallowance be done by the concerned ITO.
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12 September 2012
But sir in that firm there is one CA..who says since it is used for travelling purposes and paid by cash upto 35000 is exempt...pl reply sooon as possible
Amol S Joglekar
(Expert)
12 September 2012
You can give the same answer to the CA. The Income Tax Act is same for CA as well as NON CA. In fact, being CA, he/she is competent enough to know the importance of REPORTING.
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