Dear sirs/madam, a dealer paying freight of Rs.65000/- per consignment. As per the provisions of the IT Act, the cash payment limit is Rs.35000/-. Is it possible to pay Rs.35000/- on goods received day and balance Rs.30000/- on the next day by cash?
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Cash payment to transporter
Replies (17)
Yes. It is possible.
Yes.. you can :)
yes!!
only payment above Rs35000 to a transporter in a single day is disallowed
Yes you can.
yes u can................
yes it can be done but you ensure to have their pan no. otherwise you have to deduct 20% TDS.
| Originally posted by : CA BISHAN AGARWAL | ||
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yes it can be done but you ensure to have their pan no. otherwise you have to deduct 20% TDS. |
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is there any provison when individual availing this service and making this volume of payment through cash ...
yes u can do....
Restriction of same day same party...
Only Compannies are required to deduct TDS not individuals
| Originally posted by : Aparna Raja K.C | ||
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Only Compannies are required to deduct TDS not individuals |
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they have to if they were liable to 44ab in preceeding f.y.
Yes you can do.........
Whether we can pay the freight for one transporter below 35000/- per day in many no of days. Is it possible.
Not only companies even individuals if they crosses the limit u/s 44AB for Tax Audit they also require to deduct TDS if there is no pan no.
yes u can
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