Cash payment

225 views
User Avatar

3 Points Posted on 29 January 2020
If I pay Rs 15000 a person on 28/01/2020 Rs 9000 and on 29/01/2020 Rs 6000 it is allowed as per Incom tax.
0 Reply Share Follow
On 29 January 2020 at 15:59 Report
Replies (4)
Quick Summary
This discussion clarifies whether a cash payment of Rs 15,000 made to a single person across two different days (Rs 9,000 on Jan 28, 2020, and Rs 6,000 on Jan 29, 2020) is permissible under Indian Income Tax laws. According to Section 40A(3), expenses paid in cash exceeding Rs 10,000 to one party on a single day are generally disallowed. However, since the payments were made on separate days, this expense is considered allowed.

User Avatar

accounts
173 Points Posted on 29 January 2020
Not allowed above 10k each party each day
Reply
On 29 January 2020 at 16:48
User Avatar

C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 29 January 2020

'Expenditure to a person in a day' according to such wording in Sec 40A (3) if such payment is made on different days to same person,such expense is not disallowed.

Reply
On 29 January 2020 at 16:51
User Avatar

Studwnt
1141 Points Posted on 29 January 2020
In your case allowed
Reply
On 29 January 2020 at 16:54
User Avatar

17269 Points Posted on 29 January 2020
Rahul, continue with one post. Do not raise same similar post under different heading. For continuity sake
Reply
On 29 January 2020 at 19:09

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. PCIT-1 Thane Email address
  2. CA Fees deduction for non audit case allowed?
  3. 5th Letter PAN Mismatch with Surname issues still
  4. Criteria to hire an article
  5. Guidence requested for a Finance Professional with
  6. Expert Opinion Required – Form 140 Gross Amo
  7. WRONG TAX DEMAND - formal responses , rectificatio
  8. Foreign remittance
  9. Affordable Residential Flats in Gurgaon
  10. Manufacturing

More recent discussions | Post

Related Topics :

Loading