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?
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?
yes u can pay two or more bills in a same day.
1 PARTY TWO BILLS 19000+19000 CAN PAY IN A SAME DAY........
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.
You need to refer to Rule 6DD as well to find out exemptions for cash payments in excess of Rs. 20K
regards
Restricted to payment of Rs.20000/- in a day.
You can not pay/take more than Rs.20000/- to one person on same day in cash.
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.
Cash Payment to any party per day not to be exceed Rs.20000/- in any case.
| Originally posted by : deepaksamra | ||
 |
Cash Payment to any party per day not to be exceed Rs.20000/- in any case. |
 |
| 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 |
|
Shaswat initial support private limited
Ahmedabad
CS
View Details
SSGS and Associates
Chennai
CA Inter
View Details
CAclubindia
