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Relating to income tax

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Querist : Anonymous

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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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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