Cash payment exceeding 20000/-
This query is : Resolved
23 June 2012
Can an individual not involved in Business make payment exceeding 20000/- at atime to an individual or an organisation.
Does sec 40A(3) apply for individual not having any business
Does sec 40A(3) apply for individual not having any business
23 June 2012
Section 40A(3) applies in respect to Business expenditure only.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
23 June 2012
Thank you sir.
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
23 June 2012
Agree with above expert.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
