Cash payment

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514 Points Posted on 01 October 2020
if l am not maintaining accounts and not liable to audit then how deparment know about cash payment exceeding 10000?
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On 01 October 2020 at 18:43 Report
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If you're not maintaining accounts or liable for audit, you likely file under presumptive taxation schemes like 44AD. In such cases, the disallowance rule for cash payments exceeding £10,000 under Section 40A(3) generally doesn't apply. However, filing ITR-4 requires mandatory details on trade creditors, receivables, cash, bank balances, and stock.

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Tax and Business Consultant
11616 Points Posted on 01 October 2020
If you are not maintaining accounts and not liable for audit, than you are suppose to file your return under presumptive Taxation i.e 44AD ect...

in that case Sec. 40A(3) disallowance of cash payment exceeding 10,000 not applicable.
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On 01 October 2020 at 19:03
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GST Practitioner & Accounts
15146 Points Posted on 01 October 2020

Also  in ITR 4  (44AD)  ,  Trade  creditors , Trade receivable  , Cash , Bank  , stock  info  is mandatory . 

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On 01 October 2020 at 19:12

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