Cash payment limit u/s 40
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 April 2015
Hello sir
I am in a trading business. When I purchase goods i have to pay freight of Approx. 80000/- in cash to the truck driver when he gives me Builty.
Please suggest me what are the maximum limit upto which i can pay in cash without attracting any disallowance and applicablity of any TDS provision on it.
please provide practical solution.
THANKS
I am in a trading business. When I purchase goods i have to pay freight of Approx. 80000/- in cash to the truck driver when he gives me Builty.
Please suggest me what are the maximum limit upto which i can pay in cash without attracting any disallowance and applicablity of any TDS provision on it.
please provide practical solution.
THANKS
CA Kanj Goel
(Expert)
07 April 2015
Bifurcate the amount in 4 tranches none should exceed 30000 if you have the pan no. Then no of transporter then need not deduct tds.
CA SANDESH MAHIPAL
(Expert)
09 April 2015
Sir would you please explain why less than 30000 ?
Thanku
Thanku
11 April 2015
For transporters maximum amount which can be paid in cash without attracting disallowance u/s 40A(3)is Rs. 35000/-.
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