Cash transaction
This query is : Resolved
31 May 2013
We have given a sum of Rs.250,000/- to our distributor against the sale of Tractor. The income tax authorities disallows the same say that cash transaction is not allowed for more then Rs.20,000/-.We have to pay this amount against the invoice.Kindly suggest.
Neeraj Tandon
Neeraj Tandon
16 June 2013
Yes. if you pay any transactions by cash more than Rs.20000/- it will be disallowed u/s.40A(3) subject to rule 6DD
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