If we have opted for Sec.44AD then can we make Payment of more than ₹10000 upto ₹20000/- for goods purchased.
Does Sec.40A will be applicable?
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Expenses made in Cash for Presumptive Income
Replies (4)
Not possible to disallow WITHOUT BOOKS OF ACCOUNTS!!!
If Payment made by Bearer Cheque then it will show on Bank Statement.
So what, assessee do not claim it as deduction. Deductions are allowed on presumptive basis, so no question of dis-allowance.
Even if he make Payment of more than ₹50000/- but less than ₹2 lac in Cash?
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