Penalties
This query is : Resolved
09 January 2017
WHETHER ANY PENALTY IS LEVIABLE UNDER INCOME TAX ACT IF PURCHASE AMOUNT OF MORE THAN RS.20,000 IS PAID BY WAY OF CASH.
09 January 2017
yes... the amount paid in excess of 20000 in cash in one day to one party is disallowed in income tax and added in taxable income.
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