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Salary paid in Cash in excess of Rs.20000
Whether Salary paid in excess of Rs. 20000 in cash is disallowed or not as per the provisions of Income Tax Act?
Replies (13)
Cash payment in exceess of Rs 20000/- is diallowed. But if any cash payment is made above Rs 20000/- on a day when bank is closed or a notified holiday then no problem..
It is disallowed. Please check Rule 6DD of Income tax Rules for exceptions.
it willbe disallowded
disallowed. for sure.
| Originally posted by :Lavanya Daggupati | ||
| " | Whether Salary paid in excess of Rs. 20000 in cash is disallowed or not as per the provisions of Income Tax Act? | " |
yes, disallowed subject to exceptions under rule 6DD
| Originally posted by :Lavanya Daggupati | ||
| " | Whether Salary paid in excess of Rs. 20000 in cash is disallowed or not as per the provisions of Income Tax Act? | " |
disallowed see exceptions as per RULE 6DD
yes, disallowed subject to exceptions under rule 6DD
basic rule is if any exp. and purchase debited in profit and loss a/c >20000 than it will be disallowed
| Originally posted by :Lavanya Daggupati | ||
| " | Whether Salary paid in excess of Rs. 20000 in cash is disallowed or not as per the provisions of Income Tax Act? | " |
Hello dear this question is ok but ur answer is not right dear
disallowed. Its ok but ..... It is allowed when cash voucher made with revenue stamp/ singed
Yes, disallowed
If payment is made after deducting tax at source, the same will not be disallowed.
Disallowed as per rule 6 DD of Income tax Act of cash payment of excess of Rs. 20000/-
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