Dear Sir
I have some trade payables in books opening balances as on 1.4.2017 being around 1,18,000 and 155000.
Can I clear these in cash from my books ?
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Cash payment uptil 1,90,000 for old debtors
Replies (8)
yes u can
limit is for above 2 lakhs in cash
limit is for above 2 lakhs in cash
how can we pay more than 10000 in cash in day
as per section 40A(3) any payment More than 10000 in single day is not allowed
as per section 40A(3) any payment More than 10000 in single day is not allowed
it's for revenue expenditure
There is no exception to Revenue expenditures
Don't make cash payment for trade payables. If you will do so, provisions of section 40A(3A) comes into play in the year of payment and entire cash payment will be deemed business Income ov that Year.
agreed
Can I pay 1,18,000 in monthly 12 installments of 10,000 each ?
Yes , you can
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