payment in cash in excess of 20000
This query is : Resolved
CA Abhishek Singh
(Querist)
08 February 2009
i have made cash expenditure of rs. 35000/- as per details given below
Rs. 15000 on 01/01/08
Rs. 20000 on 01/01/08
will this be allowed under the act?
i have made cash expenditure of rs. 35000/- as per details given below
Rs. 15000 on 01/01/08
Rs. 20000 on 01/01/08
will this be allowed under the act?
CA. B.SRINIVASULU
(Expert)
08 February 2009
If you have made the above payment to a single person then the entire expenditure will be disallowed as per 40A(3) of the income tax as ammended recently.
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