CASH PAYMENT ABOVE 20000/-.
This query is : Resolved
18 December 2010
dear sir,
can partnership firm make payment by cash(exceeding 20000) for following :
all monthly expense bill like courier, stationery bill, etc which are debited to respective expense head ? OR Can we make payment in two part on different date so as to keep amount below 20k ?
please do not consider TDS and availability of cash balance aspect while answering this querry.
regards
anckoora
can partnership firm make payment by cash(exceeding 20000) for following :
all monthly expense bill like courier, stationery bill, etc which are debited to respective expense head ? OR Can we make payment in two part on different date so as to keep amount below 20k ?
please do not consider TDS and availability of cash balance aspect while answering this querry.
regards
anckoora
18 December 2010
Sec 40(a)iii for cash expenses for single day.not for month.
so question of above sec does not apply
so question of above sec does not apply
18 December 2010
you can pay more than 20000 in single payment. the section prohibits single bill and single payment of more than Rs.20000.
20 December 2010
dear sir,
suppose courier's bill is for the month and bill is dated 30th for Rs.30000/-. Can we pay this single bill fully in cash 30000/-? on a single day ? if not, can we pay in two part on different dates ?
This is what i wanted to knoe.
pl reply
thanks
anckoora
suppose courier's bill is for the month and bill is dated 30th for Rs.30000/-. Can we pay this single bill fully in cash 30000/-? on a single day ? if not, can we pay in two part on different dates ?
This is what i wanted to knoe.
pl reply
thanks
anckoora
20 December 2010
If that is a single bill then dont pay the amount in single day. if there are multiple bill then you can pay the amount in single day.
21 December 2010
As per Sec 40 A (3)as below, I thing Ayush seems correct.
"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 twenty thousand rupees, no deduction shall be allowed in respect of such expenditure."
"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 twenty thousand rupees, no deduction shall be allowed in respect of such expenditure."
21 December 2010
Dear Manikandan.A.V ji.
PLEASE CHECK
V .K SINGHANIA'S DIRECT TAX LAW & PRACTISE
PAGE NO 400,
148 P1 PROB NO 3.
PLEASE CHECK
V .K SINGHANIA'S DIRECT TAX LAW & PRACTISE
PAGE NO 400,
148 P1 PROB NO 3.
21 December 2010
visit the link also.
https://www.caclubindia.com/experts/cash-payment-522525.asp
https://www.caclubindia.com/experts/cash-payment-522525.asp
24 December 2010
Dear Sanath ji, I checked the books you referred and it is useful. thanks. But I couldn't find anything related in either IT Act or Rules related thereto.
24 December 2010
hi,
check para 148.3
page no 398.
hope this will clear your doubt.
regadrs,
check para 148.3
page no 398.
hope this will clear your doubt.
regadrs,
24 December 2010
ya. I already read that and agree with you based on that. But for clarity I checked the Act and also with the books of other authors but couldn't find anything regarding this in those books.
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