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
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