Cash payment exceeding 20000
This query is : Resolved
06 September 2014
DEAR EXPERTS
AS PER INCOME TAX ACT CASH PAYMENT CANT EXCEED 20000 FOR A SINGLE BILL IN A DAY..DOES IT MEAN THAT A BILL WHOSE PAYMENT IS RS.50000 IF PAID IN 3PARTS(EACH PART LESS THAN 20000) AND IN 3 DAYS IS VALID!!!!!
AS PER INCOME TAX ACT CASH PAYMENT CANT EXCEED 20000 FOR A SINGLE BILL IN A DAY..DOES IT MEAN THAT A BILL WHOSE PAYMENT IS RS.50000 IF PAID IN 3PARTS(EACH PART LESS THAN 20000) AND IN 3 DAYS IS VALID!!!!!
06 September 2014
Dear Mohil,
Yes it is valid and allowed as deduction from income.
Yes it is valid and allowed as deduction from income.
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