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(Querist)
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
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
28 October 2012 Yes if the advance is on account of Purchases then cash 2lac advance can be shown
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prasad

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prasad (Expert)
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.
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Adv. R. B. Munot

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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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