M.Mahesh (student) (28 Points)
11 April 2009HAI FRIENDS,
accounding to provisions of 40 income tax act, 1961 cash payments does not exceeds Rs.20000/-, i have a doubt regarding this
Whether cash payment includes Avances or not
if we pay advance more than Rs.20000/- in cash, subsequently expenditure accounted then that expenditure will be allowed or disallowed
please giv e me details
thankyou
Jitender
(Chartered Accountant)
(8724 Points)
Replied 11 April 2009
then exp will be disallowed, whenever it is booked
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 12 April 2009
u cannot make any payt whether advance or deferred... but if paid in excess of 20000 in cash then it will b disallowed as expenses... when such payt is made...
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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