Cash payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 May 2012
cash payment of instalment for vehicle purchased. whether allowed or not as per i.t. act and what are its audit aspects?
15 May 2012
There is no problem form cash payment of vehicle installment loan. The Audit aspects are that you need to maintain the proof of payment and the loan statement for verification.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 May 2012
thanks Mr.Amol what if it exceeds the limit specified in IT act
15 May 2012
Even if it exceeds the amount specified in the Act, such amount shall not be disallowed. Because, it is towards capital asset. Section 40A(3) applies only to expenditure.
15 May 2012
Agree with above expert...
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