Cash paymnets
This query is : Resolved
neeloy dangra
(Querist)
11 October 2013
IF A CIVIL CONTRACTOR HAS PURCHASED LAND FOR STOCK IN TRADE IN CASH THEN WHAT WILL BE THE CONSEQUENCES AS PER INCOME TAX ACT.PLS GUIDE
11 October 2013
Nothing but if the souces is found by AO as illegal then sec 68,69,69A,69B etc can be invoked as applicable to it.
neeloy dangra
(Querist)
11 October 2013
CAN DISALLOWANCE UNDER SECTION OF CASH PAYMENT ABOVE RS 20000/- INVOKED?
11 October 2013
The payment will be disallowed u/s 40A(3) since it is an EXPENSE (to be taken to P&L A/c).
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