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High amount paid in cash

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(Querist)
30 September 2011 Pls tell me we are pay 1 Lakh in cash for sundry creditor.this transaction wthere show in balacesheet
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
30 September 2011 creditors are for expenses or purchases and Section 4a(a)(3) of the Income Tax act, clearly prohibits payment of any expenditure in cash for more than 20000. So the same has to be disallowed.
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Preety Parik

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Preety Parik (Expert)
30 September 2011 Creditors balance appear in balance sheet. Payment in cash has to be reported in Form 3CD, clause 17 (h)(B). The same has to be disallowed in computation of Taxable Income.
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