a school registered under society's act has been paid the corporation tax (BBMP) tax paid in cash amounting to 130000...
can this is to be disallowed under income tax act....
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Corporation tax paid in cash
Replies (8)
Threshold limit Ian 10,000₹ cash payments per day. Any payment above it is disallowed. Ppl can accumulate for 13 days and show it as payments in accruals but a receipt is required immediately for every transaction
No it's a one time payment to BBMP so is this to be disallowed..as it is school registered one..so
If you paid 10000*13 times, it is allowed. Only for transporters, you can pay 35000 per day without disallowance.
So for a school it is allowble ????
Yes only when cash transactions are not more than 10,000 per day
Thank u...
Disallowed as it exceeds 10000 rupees in a day
As per Rule 6DD(Exceptions to 40A(3)
Where the payment is made to the Govt and, under the rules framed by it, such payment is required to be made in legal tender.
*So you have to check the rules framed by BBMP for concluding this payment is allowed or disallowed.
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