Penality or disallowance for cash payment above rs. 20,000/-
This query is : Resolved
15 March 2017
Respected Experts,
We are private limited company. Can we pay Rs. 22,500/- against expenses of repairing & maint. of machinery in cash.
If we do the above. Which amount will be disallowed & except this any penalty will arise.
Kindly advise,
Regards,
Rakesh Kumar
We are private limited company. Can we pay Rs. 22,500/- against expenses of repairing & maint. of machinery in cash.
If we do the above. Which amount will be disallowed & except this any penalty will arise.
Kindly advise,
Regards,
Rakesh Kumar
15 March 2017
As per income tax any payment in excess of Rs. 20000 towards an expense is disallowed, there is no penalty for that but amount paid more then 20000 is disallowed like in your case if you pay Rs. 22500 in cash towards Repair & maintenance of machinery, same will be disallowed (i.e added in income while computing tax liability)
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