Cash Expenses more than Rs 20,000

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article assistant
501 Points Posted on 16 May 2020
Vehicle Loan EMI Rs 23,456 paid in cash
can this payment admissible under income tax
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On 16 May 2020 at 20:07 Report
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This discussion clarifies income tax rules regarding cash expenses, particularly those exceeding £20,000. It's confirmed that cash payments are generally limited to £10,000. For vehicle loan EMIs, only the interest portion is admissible as a business expense, not the principal repayment, provided the vehicle is used for business purposes.

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Finance/Compliance Consultant
69650 Points Posted on 16 May 2020

Only up-to Rs. 20,000 will be allowed..............

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On 16 May 2020 at 20:28
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article assistant
501 Points Posted on 16 May 2020
Thank You sir
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On 16 May 2020 at 20:35
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Profession
28271 Points Posted on 16 May 2020
No provided u are in business..
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On 16 May 2020 at 21:28
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article assistant
501 Points Posted on 16 May 2020
Thank you
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On 16 May 2020 at 21:37
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CA-PRACTICE
400 Points Posted on 17 May 2020
Payments upto 10k only allowed in cash not 20k.
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On 17 May 2020 at 01:30
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12244 Points Posted on 17 May 2020
If you have business income and the vehicle is used for business purpose, then you can claim the interest portion of the emi payment as deductions
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On 17 May 2020 at 05:31
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588 Points Posted on 17 May 2020
Cash expenses are allowed only upto ₹10000. In case of EMI payment only interest portion is allowed as expense. Principal repayment is not expense.
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On 17 May 2020 at 06:13

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