Cash Payment exceeding Rs.20000
This query is : Resolved
Nikhil Kulthe
(Querist)
10 February 2009
Attention dear experts ,
Iam auditing a non profit organisation(A Public Trust) which undertakes various irrigation projects for the rural areas, My Query is that they have paid a sum exceeding Rs.100000 in cash for purchase of some soil and seeds whether it will be disallowed under the Act ,since it has income only under OTHER SOURCES.....Please Reply....
Iam auditing a non profit organisation(A Public Trust) which undertakes various irrigation projects for the rural areas, My Query is that they have paid a sum exceeding Rs.100000 in cash for purchase of some soil and seeds whether it will be disallowed under the Act ,since it has income only under OTHER SOURCES.....Please Reply....
CA Nitin Wadhwani
(Expert)
10 February 2009
If they had paid to "individuals who live in such an area where there is no bank" then it comes under the exception to the above section of disallowance, otherwise it would be dissallowed even if the person has income from other sources only.
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