DISALLOWANCE OF CASH PMT EXCEEDING RS 20,000
This query is : Resolved
14 March 2008
Restriction on cash payment > Rs. 20,000 : FM has proposed to disallow cash all the expenses incurred other than by account payee cheque or demand draft in excess of Rs.20,000 or more in a single day as against earlier provision of Rs. 20,000/- per transaction.
pl clarify the effect .. means if any single day pmt under whatsoever head is made exceeding rs 20,000/- the same shall be disallowed.
pl clarify the effect .. means if any single day pmt under whatsoever head is made exceeding rs 20,000/- the same shall be disallowed.
14 March 2008
No the language of the section says that if an expenditure.....the word used by section is "an" i.e.for a particular head the limit of Rs.20000/- per day per person is to be considered.
15 March 2008
AS PER AMENDMENT NOW EXPENDITURE EXCEEDING RS 20000/- PER HEAD PERDAY IN CASH SHALL BE DISALLOWED
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
