one of my client is engaged in business building material supplier.
Most of his purchases are on cash basis since parties do not accept cheque payment and bill amount is more than 20000/-.
Suppose bill is of Rs.57000/- dated 11-08-2015 so can he make payment as follows to avoid disallowance. cash payment - 19000 on 11.08.2015 cash payment - 19000 on 12.08.2015 cash payment - 19000 on 13.08.2015
11 August 2015
Income Tax department has specified that single payments or aggregate of payments made to a single person in a day exceed Rs. 20000 in cash, then it will be disallowed. So u can make payment as u have given in query
11 August 2015
Income Tax department has specified that single payments or aggregate of payments made to a single person in a day exceed Rs. 20000 in cash, then it will be disallowed. So u can make payment as u have given in query
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