cash payment & receipt above rs 20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2011
WE ALL KNOW THAT PAYMENT ABOVE RS 20000 IS NOT ALLOWED IN CASH.
IN CASE SOME ONE MAKES PAYMENT ABOVE RS 20000
OR RECORD A RECEIPT ABOVE RS.20000 IN CASH IN HIS BOOKS OF ACCOUNT.
WHAT COULD BE POSSIBLE ACCOUNTING IMPLICATIONS.
THANK YOU.
WE ALL KNOW THAT PAYMENT ABOVE RS 20000 IS NOT ALLOWED IN CASH.
IN CASE SOME ONE MAKES PAYMENT ABOVE RS 20000
OR RECORD A RECEIPT ABOVE RS.20000 IN CASH IN HIS BOOKS OF ACCOUNT.
WHAT COULD BE POSSIBLE ACCOUNTING IMPLICATIONS.
THANK YOU.
16 June 2011
the ceiling limit is imposed by income tax act 1961, if one records any reciept and payment of above 20000 rs, there will not be any accounting implication but it will have effect when the tax audit will be carried out
18 July 2011
Regarding Receipts of Cash Exceeding Rs. 20000/- there will not be any issue but in respect of payment the Expenditure will not be allowed while computing profit of Business as per provision of Section 40A(3) subject to Exception provided in Rule 6DD of Income Tax Act-1961.
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