payment / receipt above Rs.20000
This query is : Resolved
ajay sharma
(Querist)
05 June 2009
Can anybody clarify whether a receipt / payment above Rs. 20000 is admissible for a corporate entity (ltd. Company) in context to income tax act.
CA.Varun Ranjan
(Expert)
05 June 2009
in case of payment u must pay in form of cross cheque or draft only , if u pay in cash same exp would be disallowed.
no such requirement in case of reciept.
no such requirement in case of reciept.
Manmohan ACA, CS
(Expert)
05 June 2009
Any expenditure in excess of Rs. 20000 Must be paid from A/c payee cheque or DD otherwise it will be disallowed u/s 40A(3).
However some exception are provided under rule 6DD
However some exception are provided under rule 6DD
CA Nitin Wadhwani
(Expert)
05 June 2009
No such restrictions in case of receipts above 20,000-
Parveen Bansal
(Expert)
05 June 2009
No restriction in respect of capital expenditure and income.
Cash payment of above Rs. 20000 in respect of revenue expenditure is disallowed u/s 40A(3)
Cash payment of above Rs. 20000 in respect of revenue expenditure is disallowed u/s 40A(3)
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