Amount exceeding rs.20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
An assessee deducted TDS of Rs.Two Lacs. He deposited Rs.Two Lacs CASH in Mr.X's saving a/c who used his internet banking to make the payment on the assesse's behalf on the same day. Does this transaction contravenes any IT provision. The assessee is under Tax Audit.
11 July 2012
Tax payments by cash exceeding Rs.20000 will not attract sec.40A(3)
11 July 2012
1.Payment of 200000 by internet banking considered as payment other than cash mode.
2. Secondly Deposit of cash exceeds Rs 50000
in bank A/c prohibited unless assessee furnish his PAN no except in case of Agriculture Income.
2. Secondly Deposit of cash exceeds Rs 50000
in bank A/c prohibited unless assessee furnish his PAN no except in case of Agriculture Income.
11 July 2012
this will not attaract 40A (3). because this is for disallowance of expense. TDS deposit is not expense.
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