WHETHER ANY PENALTY IS LEVIABLE UNDER INCOME TAX ACT IF PURCHASE AMOUNT OF MORE THAN RS.20,000 IS PAID BY WAY OF CASH.
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Penalties
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Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft, exceeds Rs 20000.
Its for revenue expenditure.
For Income under PGBP.
Its disallowance, so the amount is added back to your income.
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