Query regarding revenue expenditure of rs. 10000/-
This query is : Resolved
21 April 2017
Hi,
As revenue expenses are not allowed of Rs. 10000/- per day. I have following query regarding this:
1. Can total payment made to different parties above rs. 10000/- in a day? For ex. diesel purchased of Rs. 6000/- and stationery purchased of Rs. 5000/-. Or
above condition applied on a party only for ex. petrol purchased of Rs. 10000/- and stationery purchased of Rs. 10000/-
2. can cash payment made to any supplier above of rs. 10000/-, and less than Rs. 2lacs in a day?
As revenue expenses are not allowed of Rs. 10000/- per day. I have following query regarding this:
1. Can total payment made to different parties above rs. 10000/- in a day? For ex. diesel purchased of Rs. 6000/- and stationery purchased of Rs. 5000/-. Or
above condition applied on a party only for ex. petrol purchased of Rs. 10000/- and stationery purchased of Rs. 10000/-
2. can cash payment made to any supplier above of rs. 10000/-, and less than Rs. 2lacs in a day?
22 April 2017
The revenue expenses should be as per S.40 A (2) of the income tax act. The amount has been reduced from Rs.20000 to Rs.10000. Payment can be made to different parties.
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