Section 40a(3)
This query is : Resolved
Jayant Sethia
(Querist)
06 August 2014
Whether cash Payments for Purchases exceeding Rs 20000/- to be disallowed?
and what if cash sales exceeding Rs 20000 and amount to be received on a single day with a single bill?
Applicability of above section for Drawings and in case of expenses which are paid to Govt. like electric expenses etc.
and what if cash sales exceeding Rs 20000 and amount to be received on a single day with a single bill?
Applicability of above section for Drawings and in case of expenses which are paid to Govt. like electric expenses etc.
06 August 2014
for sales there is no such restriction and only for exp the restriction applies for 20,000 disallownace
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Nikhil Kaushik
(Expert)
07 August 2014
payment made to govt is not covered under the disallowance as per Rule 6DD.
However, I am not sure if discoms are covered under govt.
However, I am not sure if discoms are covered under govt.
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Jayant Sethia
(Querist)
07 August 2014
What in case of cash purchases exceeding 20000/-
Nikhil Kaushik
(Expert)
07 August 2014
cash purchases would normally be disallowed unless covered under Rule 6DD
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