Payment more than 20000
This query is : Resolved
Nitin Panthri
(Querist)
27 March 2009
Hi,
If any business man has made cash payment more than Rs. 20000/-, but not for revenue producing activities...what would happen whether the amount will be disallowed???
If any business man has made cash payment more than Rs. 20000/-, but not for revenue producing activities...what would happen whether the amount will be disallowed???
Ram Avtar Singh
(Expert)
27 March 2009
for which purpose he is paying
CA. B.SRINIVASULU
(Expert)
27 March 2009
Only if the expenditure is claimed for income tax benefit then only the section is applicable.
For eg. he spends for personal use and account it as drawings in firm books then this section is not applicable.
For eg. he spends for personal use and account it as drawings in firm books then this section is not applicable.
27 March 2009
it wont be allowed as deduction
CA. Aryendra
(Expert)
27 March 2009
Dear Nitin,
I think you are just asking problem which came in your mind,but questin is good my views are as under:
1. If yor payment is not related revenue expenditure then you have to check sec 269SS & 269 T
2. But you can pay only one situatin, if you paying only for taht item which comes in balane sheet not fall in the area aforsaid sectin.
I think you are just asking problem which came in your mind,but questin is good my views are as under:
1. If yor payment is not related revenue expenditure then you have to check sec 269SS & 269 T
2. But you can pay only one situatin, if you paying only for taht item which comes in balane sheet not fall in the area aforsaid sectin.
Manmohan ACA, CS
(Expert)
28 March 2009
if such payment if for any expenses which is allowed under IT act, it shall e disallowed.
please specify the expenses
please specify the expenses
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Visiting card purchase
- Additional trade name
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
