Cash

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Siddharth (Querist)
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02 November 2013 Is it applicable if paid cash Rs.20,000/-
will i get cash expense benefit in Income Tax
or it would diallowed?

CMA Ramesh Krishnan (Expert)
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02 November 2013 yes. under section 40A(3) expenses paid by cash more than Rs.20000/- will be disallowed

Siddharth (Querist)
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02 November 2013 it means if i pay 20,001/- in cash it will get diallowed.
& if i will pay 20,000/- then it will not disallowed.

CMA Ramesh Krishnan (Expert)
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02 November 2013 As per section. it is exceeding Rs.20000. so if you pay Rs.20001/- the it will be disallowed. till Rs.20000/- not disallowed

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