Relating to income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2012
if we does a cash purchase transaction from above 20000 form the business that transaction is included in the income tax or not
03 February 2012
As per Section 40A(3) of the Income Tax Act, where an assessee incurs any expenditure in excess of Rs. 20,000/- payment for which is made otherwise than by an account payee cheque, the expenditure shall be disallowed.
Accordingly, purchases exceeding Rs. 20,000 made in cash shall be disallowed.
Accordingly, purchases exceeding Rs. 20,000 made in cash shall be disallowed.
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