Dear Sir/Madam,
Conducting meetings in restaurents is a part of my business. If i have paid Rs. 3,00,000/- through Cash as a counter payment in a restaurent. Is this amount can be an allowed expenditure in Income Tax, under business or profession. Please suggest me for Tax palnning. Thank you.
Hi Divya,
Not allowed, as per below provision,
As per section 40A(3) of IT Act, any expenditure in respect of which payment is made in a sum exceeding Rs.20,000 (Rupees Twenty Thousand) otherwise than by an account payee cheque or account payee demand draft, shall not be allowed.
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