Payment made to contractor
This query is : Open
24 February 2015
dear all
payment made to contractor for rs. 50000 in cash is allowable or not?
its urgent pls.
thanks
24 February 2015
Dear Kumar, Greetings, Good Evening
if the payment is made to the contractor on the same day as a payment for 1 bill raised of Rs 50000, then it will attract the provision of 40A(3) and would be disallowed
If it is paid on different dates with none of the payment exceeding Rs 20000, then it would be allowed.
but do remember T.D.S would attract if any of the bills is more than 30000Rs
Please send any query if u have
if the payment is made to the contractor on the same day as a payment for 1 bill raised of Rs 50000, then it will attract the provision of 40A(3) and would be disallowed
If it is paid on different dates with none of the payment exceeding Rs 20000, then it would be allowed.
but do remember T.D.S would attract if any of the bills is more than 30000Rs
Please send any query if u have
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