Cash Payment exceeding Rs.20000
This query is : Resolved
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....
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.
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- Regime change
- 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
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
