Cai I pay in Cash more than inr 20,000/- towards repayment of Share application money?
Mihir Manohar
(CA Final - Article Assistant)
(474 Points)
Replied 23 July 2013
Hi Phani,Even if you pay the same by cheque,you won't be allowed to claim the same as business expense.
Supriyo Banerjee
(Executive Finance)
(181 Points)
Replied 23 July 2013
Absolutely, this is not a business expenses, only a refund of excess money u have took and also as per sec. 36 to 37 there is no such provision is there for this. So, u can't calim deduction for such refund as business expenses.
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