If a company dealing in jewellery - gold,diamond, silver, platinum and if the overall turnover is over crores.Is there any disallowance attracting to it????
yes, u/s269ST NO person shall receive an amount of two lakh (2,00,000)rupees or more - a. in aggregate from a person in a day ; OR b. in respect of a single transaction; OR c. in respect of transaction relating to one event or occasion from a person OTHERWISE THEN BY account payee cheque or account payee bank draft or through electronic clearing system through a bank account
payment u/s 40A(3) where the assessee incurs any expenditure, in respect of which payment or aggregate of payments made to a person in a day OTHERWISE THEN BY ACCOUNT PAYEE CHEQUE OR ACCOUNT PAYEE BANK DRAFT OR USE OF ELECTRONIC CLEARING SYSTEM THROUGH A BANK ACCOUNT. EXCEEDS RS 10,000, SUCH EXPENDITURE SHALL NOT BE ALLOWED AS A DEDUCTION
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