Cash payment settlement above rs.10000/-
This query is : Resolved
24 April 2019
Dear Expert,
As per IT Act, under section 40A(3) the payment made through cash above Rs.10000/- is disallowed for any expenditures. Can it allowed, If cash payment show in advance (As loan in someones account) and adjustment entry will pass for the same expenditures which is above Rs.10000/-.
Pls. suggest the accounting treatment for cash payment except the payment mode by cheque, demand draft, NEFT etc.
As per IT Act, under section 40A(3) the payment made through cash above Rs.10000/- is disallowed for any expenditures. Can it allowed, If cash payment show in advance (As loan in someones account) and adjustment entry will pass for the same expenditures which is above Rs.10000/-.
Pls. suggest the accounting treatment for cash payment except the payment mode by cheque, demand draft, NEFT etc.
24 April 2019
you can break the entries with below 10000 in different dates...!!
24 April 2019
Sir,
If I break the entries day wise, then the cash book in my accounts will be affect.
If I break the entries day wise, then the cash book in my accounts will be affect.
24 April 2019
you have to do that... but at the end of the year the cash balance will be same....
It will be tough only if you are maintaining manual accounting records
else system wont have any issues with that
It will be tough only if you are maintaining manual accounting records
else system wont have any issues with that
24 April 2019
Can I pass the payment entry with bulk amount above Rs.10000/- as advance & then adjust it day wise Rs.10000/- against advance.
It is allowed or not as per the define section & rules.
It is allowed or not as per the define section & rules.
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
