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Cash payment

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 October 2013 Can one Company Pay any Cash payment above 20000/- against Purchase
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 October 2013 it will be disallowed u/s 40A(3).
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 October 2013 Thanks Tushar ji and sir if one bill amount Rs 100000/- can pay 20000/- cash in 5 days
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
05 October 2013 As per Sec 40{a}3 of the IT Act..
Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds {20000} twenty thousand rupees, no deduction shall be allowed in respect of such expenditure.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
05 October 2013 The limit for the Payment of Rs. 20000 is for a day..
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Ganeshbabu K

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Ganeshbabu K (Expert)
05 October 2013 Yes,, you can pay 20000 cash per day in 5 days,,it will be fine

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