i.t. assess purchase of goods value rs.39550/-
cash payments detailes:
r t.no.20 dt:20-05-2020 rs.10000/-
r t no.21 dt: 20-05-2029 rs.10000/- same date.
r t.no.27 dt:28-05-2020 rs.10000/-
r t.no.28 dt: 28-05-2020 rs.9550/-
same date paid.
above cash transtrations Payments allowed in i.t.act.
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Cash payments above 10000
Replies (7)
Quick Summary
Yes it will be disallowed because sec.40A(3) attract when payment to a person in a single day exceeds 10000 otherwise than prescribed modes...so in ur case on both dates payment in cash exceeds 10000 i.e. 20000 and 19950
Rajat sharma ji is right 👍
B TO B PURCHASE TRANSACTION COMPULSURY BY ELECTRONIC MODE OR CHEQUE OR DD ONLY
Payment should be against single bill exceeds the said limit then it will be disallowed
Mr. Natwer pls mention section .. in which it is mandatory to payment only by electronic mode
Dear Sir, Section 269SU deals with cases where mandatory payments though prescribed electronic modes
Section 269SU is applicable to a person when the total sales, turnover or gross receipts from business exceeds Rs 50 crore during the immediately preceding previous year. The section is applicable from 1 November 2019. In such a case, the section is applicable if the sales, turnover or gross receipts exceed Rs 50 crore for the financial year ended 31 March 2019.
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