can cash payment of 20000 can be made for a party??
what if cash payment is made below 20000 per day but paid 35000 in 3 days for one product purchased??
can cash payment of 19000 be made to same party twice a day for two bills?
nayan (article assistant) (466 Points)
21 December 2012can cash payment of 20000 can be made for a party??
what if cash payment is made below 20000 per day but paid 35000 in 3 days for one product purchased??
can cash payment of 19000 be made to same party twice a day for two bills?
NARENDRA
(ACCOUNTS MANAGER)
(1488 Points)
Replied 21 December 2012
yes u can pay two or more bills in a same day.
nayan
(article assistant)
(466 Points)
Replied 21 December 2012
NARENDRA
(ACCOUNTS MANAGER)
(1488 Points)
Replied 21 December 2012
1 PARTY TWO BILLS 19000+19000 CAN PAY IN A SAME DAY........
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 21 December 2012
According to sec 40A(3) Any Expenditure for which payment or aggregate of payment made in a day to a person in excess of Rs 20000/- in cash the whole of such amount will be disallowed,so it will be restricted to payment of Rs20000/- in a day to a person.irrespective of number of bills issued.
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 21 December 2012
You need to refer to Rule 6DD as well to find out exemptions for cash payments in excess of Rs. 20K
regards
Vikash Kumar
(Manager Accounts (CA. Final))
(694 Points)
Replied 21 December 2012
Restricted to payment of Rs.20000/- in a day.
Durga Prasad
(Trainee)
(392 Points)
Replied 21 December 2012
You can not pay/take more than Rs.20000/- to one person on same day in cash.
Rajesh Kandoi
(Practice)
(39 Points)
Replied 21 December 2012
There is no restriction in taking business receipts (e.g. sale proceeds) more than 20,000/- from one customer, through one bill and even in single transaction.
the restriction of section 40A (3) is on the payer and not on the recepient.
deepaksamra
(Accountant)
(52 Points)
Replied 22 December 2012
Cash Payment to any party per day not to be exceed Rs.20000/- in any case.
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 22 December 2012
| Originally posted by : deepaksamra | ||
 |
Cash Payment to any party per day not to be exceed Rs.20000/- in any case. |
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Paresh Dholu
(Chartered Accountants)
(393 Points)
Replied 22 December 2012
Anoopa H P
(Member of ICAI CS Executive)
(192 Points)
Replied 22 December 2012
| Originally posted by : Gaurav A. Potdar | ||
|
According to sec 40A(3) Any Expenditure for which payment or aggregate of payment made in a day to a person in excess of Rs 20000/- in cash the whole of such amount will be disallowed,so it will be restricted to payment of Rs20000/- in a day to a person.irrespective of number of bills issued. S 40A 3 "incurs any expenditure for which payment or aggregate of payment is made to a person in a day is in excess of Rs.20000"in cash the whole of such expenditure will not be allowed as a deduction Read more at: /forum/sec-40a-3--122467.asp#.UNQZ6KzYTlc S 40A 3 "incurs any expenditure for which payment or aggregate of payment is made to a person in a day is in excess of Rs.20000"in cash the whole of such expenditure will not be allowed as a deduction Read more at: /forum/sec-40a-3--122467.asp#.UNQZ6KzYTlc |
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Pratik Shah
(Assistant Manager Business Process Specialist Accounting Technician B.Com (Specialization in Accounts & Finance) & Technology Savey)
(151 Points)
Replied 24 December 2012
Bharat
(CA FINAL STUDENT)
(80 Points)
Replied 29 December 2012
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