HAI FRIENDS,
accounding to provisions of 40 income tax act, 1961 cash payments does not exceeds Rs.20000/-, i have a doubt regarding this
Whether cash payment includes Avances or not
if we pay advance more than Rs.20000/- in cash, subsequently expenditure accounted then that expenditure will be allowed or disallowed
please giv e me details
thankyou
then exp will be disallowed, whenever it is booked
u cannot make any payt whether advance or deferred... but if paid in excess of 20000 in cash then it will b disallowed as expenses... when such payt is made...
N N V Satish & Co.,
Hyderabad
CA Inter
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HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
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ADY & CO.
New Delhi
Graduate (Any)
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CCI
Pro
CAclubindia
