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Cash Payment

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CA
29 Points Posted on 06 June 2018
Cash Advance paid on 1.4.2018 ₹7,000/- thereafter Exp. bill for ₹11,000/- received on 2.4.2018
and balance amount paid ₹4,000/- by cash. Whether this is allowable exp. as per INCOME TAX ACT.
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On 06 June 2018 at 17:25 Report
Replies (6)
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Accountant
528 Points Posted on 06 June 2018
Yes it is allowed
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On 06 June 2018 at 17:26
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CA
29 Points Posted on 06 June 2018
but total payment exceeds RS. 10,000/-
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On 06 June 2018 at 17:30
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Accountant
528 Points Posted on 06 June 2018
Rs 10000 limit is applicable for per day
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On 06 June 2018 at 17:31
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CA
29 Points Posted on 06 June 2018
bill amount or exp. also more than ₹10,000/-
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On 06 June 2018 at 17:32
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Accountant
528 Points Posted on 06 June 2018
please refer sec 32 income tax where in business exp cash limit is 10000 and section 40(A)(3A) cash payment limit RS 10,000.
and newly inserted section 269ST: person who enter into transaction of RS 2 lac or above in cash will be liable to payby way of penalty the amount of txn
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On 06 June 2018 at 17:35
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CA
29 Points Posted on 14 June 2018
it is disallowed as bill amount for a day exceeds ₹10,000/-
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On 14 June 2018 at 15:45


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