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Surinder (Assistant)     09 May 2021

Cash purchase in single day

Dear Sir

Cash purchase disallowed to us in a single day if it increase in 10000/- but supplier creditor give us to cash receipt for Rs 30000/- in a single day so can it allowable to supplier


 6 Replies

Sourav

Sourav (Student)     09 May 2021

No it will be disallowed but in case of transporter the limit will be 35000 rupees in cash
Lotus Choudhary

Lotus Choudhary   09 May 2021

It shall be disallowed for u but ur supplier can receive 30000/-. no problem in that.
1 Like
Sourav

Sourav (Student)     09 May 2021

Not 30000 it's 35000 rupees in cash
Surinder

Surinder (Assistant)     09 May 2021

Thank you lotus choudhary Sir
1 Like
Lotus Choudhary

Lotus Choudhary   09 May 2021

Your welcome sir.
Sourav

Sourav (Student)     10 May 2021

There is one exception to this rule where you can pay up to Rs 35,000 to a transporter in a day without attracting the disallowance. Likewise in case you pay any amount beyond Rs 10,000 for acquiring any asset, such payment is not allowed to be added to the cost of the asset for the purpose of claiming depreciation.

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