Cash payment in a day exceed rs. 20000/- are allowed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2011
If any company have taken 50 no. of mobile conection for our sttaf and bill paid to Mobile Company in cash regarding bill that Exp. are allowed or disallowed as per Income Tax
07 December 2011
if company will paid these expenses(Bill more than rs. 20000) other than account payee cheque then expenses bill be disallowed as per sec 40A(3) of IT act 1961.
As per provisions of sec 40A(3)-payment for bill of more than rs. 20000 to a single person on single day other than account payee cheque,will be disallowed.
As per provisions of sec 40A(3)-payment for bill of more than rs. 20000 to a single person on single day other than account payee cheque,will be disallowed.
CA Ayush Agarwal
(Expert)
07 December 2011
Allowed, But Not Exceeding 20000 in Cash.
Agree
Agree
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