i paid advance tax in cash 180000 how can i make its entry or can i pay it in cash it is not wrong
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Quick Summary
This discussion addresses the query about paying advance tax in cash, specifically an amount of £180,000. The user is seeking guidance on how to make the accounting entry for this payment and whether paying in cash is permissible. The response clarifies that since tax is not considered a revenue expense, it does not fall under the restrictions of Section 40A of the Income Tax Act concerning cash payments.