Cash Payment Transaction
This query is : Resolved
30 January 2020
Respected Experts,
One of my clients purchased second hand car with cash payment (not in cheque, by withdrawing from ATM and cash balance in hand) of Rs. 1.92 lacs. is it allowed in income tax ? can we record this in our books ? There is some confused while i have read for this on internet. so please suggest me as clear as possible.
Thanks
One of my clients purchased second hand car with cash payment (not in cheque, by withdrawing from ATM and cash balance in hand) of Rs. 1.92 lacs. is it allowed in income tax ? can we record this in our books ? There is some confused while i have read for this on internet. so please suggest me as clear as possible.
Thanks
30 January 2020
yes, you can go ahead and record the same in your books of accounts.
30 January 2020
You might have read that
Depreciation will not be allowed per 2nd proviso to section 43(1).
Depreciation will not be allowed per 2nd proviso to section 43(1).
30 January 2020
thanks warrier and joglekar sir. limit of 10000 is only applicable in expense ?
and i think cash payment grater than 2.00 lacs is prohibited by income tax !
and i think cash payment grater than 2.00 lacs is prohibited by income tax !
03 February 2020
Cash payment greater than 2 lakh is section 269ST...Mode of transaction. What B Chackrapani Warrier Sir has pointed out is that the purchaser is NOT able to claim depreciation on this amount
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