Penalties

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Ashwini (Querist)
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09 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.

Gokul Sharma (Expert)
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09 January 2017 yes... the amount paid in excess of 20000 in cash in one day to one party is disallowed in income tax and added in taxable income.

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