Query for payment in excess of 20000
This query is : Resolved
21 July 2012
Sir i would like to know that my client has paid around 8 lakhs Rs. in cash for purchase some land....is it permissible ?? and my client has paid no of Tour advances exceeding Rs. 20000....Indirectly i.e, through Tour advances co. is paying amount exceeding Rs. 20000 to different parties....whether expenditure incurred will be allowable for deduction under incom tax or not ???????
21 July 2012
u/s 40A(3) any payment exceeding Rs 20000/- will not allow and expenses would be disallowed at a time of finalization of Account.
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