Cash recieved more than 20000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2012
Sir,
I want to ask this whether cash recieved in excess of rs 20,000 single payment or single day from same party attracts any liability on the part reciever or not... Experts pls do answer
I want to ask this whether cash recieved in excess of rs 20,000 single payment or single day from same party attracts any liability on the part reciever or not... Experts pls do answer
Hitendra Jain
(Expert)
23 May 2012
SUBSECTION 3 OF SECTION 40A READS THE SPECIFIC WORDS " A PAYMENT OR AGGREGATE OF PAYMENTS MADE TO A PERSON IN A DAY"
SO IT IS CLEAR THAT WHATSOEVER THE CAUSE OR FREQUENCY OF PAYMENT OR NUMBER OF PAYMENT IF AMOUNT EXCEEDS RS 20,000.00 IT WOULD RENDER THE EXPENDITURE NOT TO BE ALLOWED.
FOR YOUR CASE YOU MAY FIND ANY PLACE UNDER RULE 6DD
SO IT IS CLEAR THAT WHATSOEVER THE CAUSE OR FREQUENCY OF PAYMENT OR NUMBER OF PAYMENT IF AMOUNT EXCEEDS RS 20,000.00 IT WOULD RENDER THE EXPENDITURE NOT TO BE ALLOWED.
FOR YOUR CASE YOU MAY FIND ANY PLACE UNDER RULE 6DD
24 May 2012
There is no implication in the hands of the recipient.
Section 40A(3) applies to the person making the payment and not to the recipient.
Section 40A(3) applies to the person making the payment and not to the recipient.
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