Income tax
This query is : Resolved
18 October 2012
Dear Sir,
I want to know that cst deposit more than 50000/- through cash is allowable under Income tax act.
Thanks,
I want to know that cst deposit more than 50000/- through cash is allowable under Income tax act.
Thanks,
18 October 2012
exceptions to rule 40A(3)i.e cash payment allowed in excess of 20000
Payment to Government Rule 6DD(b)- Where payment is made to the Government and, under the rules framed by it, such payment is required to be made in legal tender..
so as per my knowledge goes,the expense of rs 50000 would be dissalloed
Payment to Government Rule 6DD(b)- Where payment is made to the Government and, under the rules framed by it, such payment is required to be made in legal tender..
so as per my knowledge goes,the expense of rs 50000 would be dissalloed
19 October 2012
payment of Direct taxes, costoms duty , excise duty, railway freight , sales tax etc. are falling under the exceptions provided under sec. 6DD(b).
Hence, even if the sales tax is paid in cash exceeding Rs. 20000/-, the same would not be disallowed under sec. 40A(3).
Hence, even if the sales tax is paid in cash exceeding Rs. 20000/-, the same would not be disallowed under sec. 40A(3).
19 October 2012
@sanjay--i m doubtful whether there is any such provision in rule 6dd..can u quote or send the link
22 October 2012
Payment of freight charges/booking of wagons to railways and payment of sales tax/excise duty are covered by the exception to Sec. 40A (3) disallowing the payment in cash exceeding rs. 20000/-. Circular no. 34 dtd. 05/03/1970
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