WHETHER ANY ADVANCE PAYMENT (IN CASH ONLY) TO ANY PARTY IN RELATION TO BUSINESS OPERATION WHICH IS MORE THAN Rs 20000 WILL BE ALLOWED OR DISALLOWED AS PER INCOME TAX ACT.
4 Replies
nayan
(article assistant)
(466 Points)
Replied 07 December 2012
any payment in cash for maore than 20000 is disallowded under ita. (exceptions: allowded if paid to any rural place where there is no bank facility). so it doesnot matter if it is advance or not, it is disallowded. however you can make a payment of more than 20000 by number of vouchers amount not exceeding 20000
R S B
(C.A FINAL)
(91 Points)
Replied 17 June 2013
any kind of payment made in excess of 20000 shall be disallowed ..exception are there where payment can be paid above 20000
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