payment exceeding Rs 20,000
This query is : Resolved
09 August 2008
In case of frieght payments to carriers such as lorry who don't have any bank accounts in the place of unloading, payment could be made only by cash which may exceed Rs 20000 on a single day to the same party.
is there any mode so as to strictly comply with Section 40A of the Income tax Act 1961
is there any mode so as to strictly comply with Section 40A of the Income tax Act 1961
Pooja Chopda
(Expert)
09 August 2008
part payt at the time of loading & part at the time of unloading...but in different days
CA Abhishek Tyagi
(Expert)
09 August 2008
Yes you can pay in fraction. Not a single payment at the same day.
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