Cash payments & penalties
This query is : Resolved
08 January 2017
WHETHER ANY PENALTY IS LEVIABLE UNDER INCOME TAX ACT IF PURCHASE AMOUNT OF MORE THAN RS.20,000 IS PAID BY WAY OF CASH.
09 January 2017
The Assessing Officer will add back the amount to ur income. Coz expenses above 20K is fully disallowed by Income Tax Act.
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