When following cash basis of accounting, are my cash purchases allowed for income tax calculation?
This query is : Resolved
14 July 2023
When following cash basis of accounting, are my cash purchases allowed for income tax calculation?
14 July 2023
Yes, if the amount of each transaction is below Rs. 10,000/-
14 July 2023
Not allowed ...
As per section 40A(3), where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, exceeds Rs 10000/-, no deduction shall be allowed in respect of such expenditure.
As per section 40A(3), where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, exceeds Rs 10000/-, no deduction shall be allowed in respect of such expenditure.
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