can I make payment in cash for purchase of the capital assest for business in the installment of Rs10,000 on different days?
4 Replies
anurag kumar
(21 Points)
Replied 11 September 2019
Gst has no cash restrictions. Income tax act does have . According to section 269ST the receiver will have to pay 100% tax if he receives cash above 2 lakh rupees . Now according to section 32,section 40A(3), section 40A(3A) you can pay below 10000 on different dates but the aggregate amount should be less than 2 lakhs according to the above mentioned section .
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 11 September 2019
No...
If a bill value exceeding Rs 10k then Cash Payment is not acceptable as per income and it's disallowed.
Better to pay any banking mode.
If a bill value exceeding Rs 10k then Cash Payment is not acceptable as per income and it's disallowed.
Better to pay any banking mode.
GOVIND KHANDELWAL
(27 Points)
Replied 11 September 2019
can I make payment in cash on different dates
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