CA Day celebration 2024 Easy Office
LCI Learning

Advance-cash payments above 20000

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
02 December 2015 whether advance given also be consider for cash payments above 20000
Profile Image

CA CS LAVESH VASYANI

Profile Image

CA CS LAVESH VASYANI (Expert)
02 December 2015 Sec 40A(3)disallows any payment made exceeding Rs. 20,000 otherwise than by account payee cheque \ draft.

If advance is made towards capital expenditure exceeding Rs. 20,000 otherwise than account payee cheque \ draft then it will not be disallowed.

However if it is for revenue expenditure then it will be disallowed.

Further if the bill is less than 20,000 then amount of expenditure will not be disallowed even though the advance made exceeding Rs. 20,000.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CA Day celebration 2024 with Tally CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links