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This query is : Resolved
27 October 2012
Hello CA'S
I am an accountant and maintaining books of property sale and purchase co. I want your guidance on one point. Can a pvt ltd co show as advance payment of Rs.2.00Lac against purchase in cash.
If not then what will be the consequences if we have shown as per income tax act.
Kindly do the needful.
Thanks and Regards
Sanjay
I am an accountant and maintaining books of property sale and purchase co. I want your guidance on one point. Can a pvt ltd co show as advance payment of Rs.2.00Lac against purchase in cash.
If not then what will be the consequences if we have shown as per income tax act.
Kindly do the needful.
Thanks and Regards
Sanjay
CA.Vinita Gupta
(Expert)
28 October 2012
Yes if the advance is on account of Purchases then cash 2lac advance can be shown
28 October 2012
Sir
In my opnion u cant show any advance in cash,on account of Purchases.
The purchases will be disallowed U/s 40A(3), in the year in which the said purchases are debitted to Profit & Loss Account.
In my opnion u cant show any advance in cash,on account of Purchases.
The purchases will be disallowed U/s 40A(3), in the year in which the said purchases are debitted to Profit & Loss Account.
Adv. R. B. Munot
(Expert)
30 October 2012
Whether payment or advances as against any type of Trading Purchases will be disallowed u/s 40A(3).
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