cash payment & receipt above rs 20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2011
WE ALL KNOW THAT PAYMENT ABOVE RS 20000 IS NOT ALLOWED IN CASH.
IN CASE SOME ONE MAKES PAYMENT ABOVE RS 20000
OR RECORD A RECEIPT ABOVE RS.20000 IN CASH IN HIS BOOKS OF ACCOUNT.
WHAT COULD BE POSSIBLE ACCOUNTING IMPLICATIONS.
THANK YOU.
WE ALL KNOW THAT PAYMENT ABOVE RS 20000 IS NOT ALLOWED IN CASH.
IN CASE SOME ONE MAKES PAYMENT ABOVE RS 20000
OR RECORD A RECEIPT ABOVE RS.20000 IN CASH IN HIS BOOKS OF ACCOUNT.
WHAT COULD BE POSSIBLE ACCOUNTING IMPLICATIONS.
THANK YOU.
16 June 2011
the ceiling limit is imposed by income tax act 1961, if one records any reciept and payment of above 20000 rs, there will not be any accounting implication but it will have effect when the tax audit will be carried out
18 July 2011
Regarding Receipts of Cash Exceeding Rs. 20000/- there will not be any issue but in respect of payment the Expenditure will not be allowed while computing profit of Business as per provision of Section 40A(3) subject to Exception provided in Rule 6DD of Income Tax Act-1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Building and other construction workers welfare cess act 1996
- Article ship defecit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
