Cash payment query
Querist : Anonymous
Tax invoice received from a vendor on account of purchase of CC tv cameras for Rs. 35,749/- dated 11.06.15
Cash paid on 15.06.15- for 20k
cash paid on 15.07.15- for Balance and received cash receipts as well.
is it ok?
Please confirm
Cash paid on 15/06/2015 Rs. 20K is not ok, as per sec 40A (3)(a) of IT act if cameras are being grouped under expense account, if cameras are taken as asset then it has no issue, payment made towards purchase of asset is not covered under sec 40A (3)(a).
Querist : Anonymous
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