Cash payments less than 20000, but payment is made everyday
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2016
how to deal with the situation when cash payment is made to a party for less than 20,000 in a day, but daily through out the year.
can the AO disallow the expenditure??
How to deal it as an auditor??
can the AO disallow the expenditure??
How to deal it as an auditor??
12 August 2016
No need to disallow anything........day on day basis , it is not crossing the limit.
13 August 2016
As per Rule-6D where any payment in a sum exceeding twenty thousand rupees is made otherwise than by an account payee cheque drawn on a bank or account payee in a day. So if it is less than Rs.20000/-no problem but you have that much of Cash balance in your account to pay through out the year.
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