Cash Payment exceeding Rs.20000
This query is : Resolved
Nikhil Kulthe
(Querist)
10 February 2009
Attention dear experts ,
Iam auditing a non profit organisation(A Public Trust) which undertakes various irrigation projects for the rural areas, My Query is that they have paid a sum exceeding Rs.100000 in cash for purchase of some soil and seeds whether it will be disallowed under the Act ,since it has income only under OTHER SOURCES.....Please Reply....
Iam auditing a non profit organisation(A Public Trust) which undertakes various irrigation projects for the rural areas, My Query is that they have paid a sum exceeding Rs.100000 in cash for purchase of some soil and seeds whether it will be disallowed under the Act ,since it has income only under OTHER SOURCES.....Please Reply....
CA Nitin Wadhwani
(Expert)
10 February 2009
If they had paid to "individuals who live in such an area where there is no bank" then it comes under the exception to the above section of disallowance, otherwise it would be dissallowed even if the person has income from other sources only.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Advances to related party
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
