Hii
One of my client has paid non-refundable deposit of Rs 10,00,000/-.Out of this Rs 5,50,000/- are paid in cash. Lease agreement is for 2 years. So as these are in nature of rent, I am accounting it as rent proportionately to lease period.
Are Rs 5,50,000 subject to disallowance u/s 40A(3)
Modify your lease agreement Show deposit as 4,50,000/- and remaing as lease rentals and deduct TDS u/s 194 i and account the cash payments below 20000/- per day...
Fytomax Nutrition Private Limited
Aurangabad
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
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