Expenditure exceeding 20000 in cash ???
This query is : Resolved
11 August 2015
Hello everyone,
one of my client is engaged in business building material supplier.
Most of his purchases are on cash basis since parties do not accept cheque payment and bill amount is more than 20000/-.
Suppose bill is of Rs.57000/- dated 11-08-2015
so can he make payment as follows to avoid disallowance.
cash payment - 19000 on 11.08.2015
cash payment - 19000 on 12.08.2015
cash payment - 19000 on 13.08.2015
waiting for the views of the experts.
one of my client is engaged in business building material supplier.
Most of his purchases are on cash basis since parties do not accept cheque payment and bill amount is more than 20000/-.
Suppose bill is of Rs.57000/- dated 11-08-2015
so can he make payment as follows to avoid disallowance.
cash payment - 19000 on 11.08.2015
cash payment - 19000 on 12.08.2015
cash payment - 19000 on 13.08.2015
waiting for the views of the experts.
11 August 2015
Income Tax department has specified that single payments or aggregate of payments made to a single person in a day exceed Rs. 20000 in cash, then it will be disallowed. So u can make payment as u have given in query
11 August 2015
Income Tax department has specified that single payments or aggregate of payments made to a single person in a day exceed Rs. 20000 in cash, then it will be disallowed. So u can make payment as u have given in query
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
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- 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
