Vehicle Loan EMI Rs 23,456 paid in cash
can this payment admissible under income tax
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Cash Expenses more than Rs 20,000
Replies (7)
Only up-to Rs. 20,000 will be allowed..............
Thank You sir
No provided u are in business..
Thank you
Payments upto 10k only allowed in cash not 20k.
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
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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