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

Hitendra Jain

Hitendra Jain (Expert)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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