Cash Payment of Professional Tax
This query is : Resolved
27 October 2022
Sir,
During the financial year 2021-22, I have paid Rs. 250000 as professional tax to the panchayath by cash as they were not accepting payments other than cash mode. Whether this expense was allowable under the provisions of income tax act. Whether this payment covers under provisions of Rule 6DD. Please clarify sir?
During the financial year 2021-22, I have paid Rs. 250000 as professional tax to the panchayath by cash as they were not accepting payments other than cash mode. Whether this expense was allowable under the provisions of income tax act. Whether this payment covers under provisions of Rule 6DD. Please clarify sir?
27 October 2022
The following categories of payments exceeding INR 10,000 are permitted to be done through cash:
Where the payment is made to:
Reserve Bank of India (RBI) or any other bank
State Bank of India (SBI) and its subsidiaries
Co-operative bank or Land mortgage bank
Life Insurance Corporation of India (LIC)
Primary agricultural society or Primary credit society
When any payment is made to the government which is required to make in cash under the specified rules. ...
Continued....
Where the payment is made to:
Reserve Bank of India (RBI) or any other bank
State Bank of India (SBI) and its subsidiaries
Co-operative bank or Land mortgage bank
Life Insurance Corporation of India (LIC)
Primary agricultural society or Primary credit society
When any payment is made to the government which is required to make in cash under the specified rules. ...
Continued....
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