Cash payment more than 20k
This query is : Resolved
31 January 2014
Can I purchase fixed assets or contribute capital in cash ? if I pay more than 20k in cash for expenses incurred it will be disallowed. In case of fixed assets and capital contribution there is no question of disallowance. are there any other implication ?
AVTAR SINGH
(Expert)
31 January 2014
You can buy capital assets in cash and pay drawings in cash. There is no problem from the point of view of IT Act.
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