Cash Expenses more than Rs 20,000

Yasir (article assistant ) (440 Points)

16 May 2020

Vehicle Loan EMI Rs 23,456 paid in cash
can this payment admissible under income tax

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7 Replies

Asha Kanta Sharma (Manager - Finance & Accounts) (10539 Points)
Replied 16 May 2020

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

Yasir (article assistant ) (440 Points)
Replied 16 May 2020

Thank You sir

sabyasachi mukherjee (26511 Points)
Replied 16 May 2020

No provided u are in business..

Yasir (article assistant ) (440 Points)
Replied 16 May 2020

Thank you

jashwanth (CA-PRACTICE) (400 Points)
Replied 17 May 2020

Payments upto 10k only allowed in cash not 20k.

rama krishnan (12234 Points)
Replied 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

sukhwani keyur (588 Points)
Replied 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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