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
CMA Ramesh Krishnan
(Expert)
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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