Cash payment in excess of rs. 20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2013
A private company has made payment of Rs. 150000/- to creditor for purchasing material for construction of building.
Whether it will be dis allowable under income tax act ?
Whether it will be dis allowable under income tax act ?
01 June 2013
No,
it is not disallowed ,
sec.40(a)(3) is applicable only on payment to purchase of goods which are for resale purpose and it does not applicable for purchase of capital assets
more over sec.40(a)(3) applicability requires payment made to business expenditure exceeding 20000
it is not disallowed ,
sec.40(a)(3) is applicable only on payment to purchase of goods which are for resale purpose and it does not applicable for purchase of capital assets
more over sec.40(a)(3) applicability requires payment made to business expenditure exceeding 20000
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