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Payment of Rs.100000/-

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 June 2010 Sir,
I want to deposit Rs.100000/- in one of my creditor's current account. Can I do so. Whether it will be allowed or not as per Income Tax Act.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
18 June 2010 It amounts to cash payment and hit by section 40A and in case of revenue expenditure, it shall be disallowed.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
18 June 2010 Deposit throgh DD/ payorder.
if you deposit in cash, it will be disallowed u/s 40A(3)
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
23 June 2010 Deposit through DD/ pay order or Cheque.
if you deposit in cash, it will be disallowed u/s 40A(3)
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