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Cash payment

santhosh santhosh (Internal audit excutive)   (14 Points)

13 December 2018  

upto 10000 payment after what problem come?


 4 Replies

satish (teaching) (2031 Points)
Replied 13 December 2018

as per 40a(3) of incometax act up to 10,000 you can pay in the form of cash in a single day for one person.
beyond that should not be in cash form, can pay through bank in any other more.
if you have not followed department will not consider these payments as expenditure.
when expenditure not considered, profit will be increase.
1 Like

SkDash (CS (Member) CWA (Final))   (909 Points)
Replied 13 December 2018

Is it 10,000? I believe this is 20,000
1 Like

satish (teaching) (2031 Points)
Replied 13 December 2018

it's reduced to 10,000
1 Like

S ELAVARASI (ACCOUNTANT) (2910 Points)
Replied 13 December 2018

If it's exceeding above 10k then Disallowed as per section.

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