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Cash payment Exceed Rs 20000

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 January 2011 What is the law if cash payment is rs 65000 on 1-Sep-2010. as per income tax. is it allowed as exp. or what?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 January 2011 Sec.40(A)3 will apply and disallow the cash payment for expenses by more then Rs.20000
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
21 January 2011 not allowed as expenditure
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
22 January 2011 disallwed and strikly going to penalized.

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