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
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.
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
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
