We have purchased goods on FOR Basis. Therefore liabilities of frright is not on us. Now we paid Rs. 25000/-(More than 20000) to transporter on behalf of supplier & debited to supplier by Rs. 25000/-. Now my question is that we are not booked freight in our book as we purchased FOR goods, Can we make payment in cash more than 20000/- ? If we book freight in our books than we can make payment to transporter upto 35000/- but this is FOR Purchased & we paid to transporter on behalf of Supplier. Pls Solve ASAP
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Payment made to transporter
Replies (1)
If the expenditure is not routed through the P&L account, then anything in excess of 20k can be paid in cash and the provisions of section 40(A)(3) are not attracted.
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