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For a purchase of Rs 4.5 lakh from an unregistered person. Can I pay Rs 3 lakh in cheque and 1.5 lakh in cash or I have to pay entire amount in cheque
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excess of ten thousand should not allowed by income tax act. so you have to pay in cheque
| Originally posted by : pankil gupta | ||
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For a purchase of Rs 4.5 lakh from an unregistered person. Can I pay Rs 3 lakh in cheque and 1.5 lakh in cash or I have to pay entire amount in cheque |  |
No...
kindly refer 40(a)(3) for further details
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