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if someone has purchased a car and make payment of RS one lakh in cash then what is the treatment of this transaction in income tax and whether any reporting is required in 3cd report or not??
Replies (7)
Normal accounting treatment will be given....& no reporting required in 3cd
But cash transaction exceeding RS 20000/- are not allowed then this should be add back in our profits while calculating tax amount u/s 43?? I m right
Yes u r correct now
it's not 20000 but 10000 and in case of capital expenditure, the expenses won't be disallowed instead the proportionate depreciation will be disallowed
it's not 10k it's 1lakh
@ sakshi mittal... 10k limit under 40A(3) section.
Yes..., Sakshi Mittal Limit of Cash Expenses under 40A(3) is Rs.10000
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