Cash payment over 20000/-

This query is : Resolved

Padam Singh (Querist)
Follow

23 January 2013 Can i make the cash payment excess of Rs. 20000/- for the whole fiscal year for different article (goods)from same vendor.

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

23 January 2013 You have to take care that a single payment should not exceed Rs 20000/-. If you are purchasing the goods against separate Invoices or Bills, individual bill amount should not exceed Rs. 20000. If Individual Bill exceed 20000/ make the payment in part.

Message likes : 1 times

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

23 January 2013 no single cash payment exceed 20000. if you pay more than 20000 then check no bill exceed 20000. else this will be disallowed for income tax purpose.

Upgrade to CAclubindia Pro. Subscribe Now!