Cash dissallowance

Tax queries 1291 views 18 replies

Learned friends.

Earlier the law was

Payment made in excess of Rs.  20,000 and the bill amount exceeds Rs. 20,000 then only disallowance is made.

It means bill 1 : 10,000

bill 2 : 15,000

payment made 25,000, 

deduction was allowed.

Now the law is this if excess of Rs. 20,000 is made in a single day to the same person irrespective of the amount of bill it shall be disallowed.

Therefore loophole has been plugged

thanks

https://taxbykk.blogspot.com/

Replies (18)

Learned friends.

Earlier the law was

Payment made in excess of Rs.  20,000 and the bill amount exceeds Rs. 20,000 then only disallowance is made.

It means bill 1 : 10,000

bill 2 : 15,000

payment made 25,000, 

deduction was allowed.

Now the law is this if excess of Rs. 20,000 is made in a single day to the same person irrespective of the amount of bill it shall be disallowed.

Therefore loophole has been plugged

thanks

https://taxbykk.blogspot.com/

CAN U ADDRESS THE SOURCE OF WHAT U SAID ??
 

What i asked was that if a person pays  10000 at day 1 and 15000 at day 2 against the same bill. it will be disallowed or not ?????????????????????

for the source refer any old income tax book u will get. your qns if a person pays 10000 at day 1 and 15000 at day 2 against the same bill. it will be disallowed or not ans :it will be allowed


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