Cash payment settlement above rs.10000/-
This query is : Resolved
24 April 2019
Dear Expert,
As per IT Act, under section 40A(3) the payment made through cash above Rs.10000/- is disallowed for any expenditures. Can it allowed, If cash payment show in advance (As loan in someones account) and adjustment entry will pass for the same expenditures which is above Rs.10000/-.
Pls. suggest the accounting treatment for cash payment except the payment mode by cheque, demand draft, NEFT etc.
As per IT Act, under section 40A(3) the payment made through cash above Rs.10000/- is disallowed for any expenditures. Can it allowed, If cash payment show in advance (As loan in someones account) and adjustment entry will pass for the same expenditures which is above Rs.10000/-.
Pls. suggest the accounting treatment for cash payment except the payment mode by cheque, demand draft, NEFT etc.
24 April 2019
you can break the entries with below 10000 in different dates...!!
24 April 2019
Sir,
If I break the entries day wise, then the cash book in my accounts will be affect.
If I break the entries day wise, then the cash book in my accounts will be affect.
24 April 2019
you have to do that... but at the end of the year the cash balance will be same....
It will be tough only if you are maintaining manual accounting records
else system wont have any issues with that
It will be tough only if you are maintaining manual accounting records
else system wont have any issues with that
24 April 2019
Can I pass the payment entry with bulk amount above Rs.10000/- as advance & then adjust it day wise Rs.10000/- against advance.
It is allowed or not as per the define section & rules.
It is allowed or not as per the define section & rules.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- GST ON EXPORT COMMISSION
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
