Cash Advance paid on 1.4.2018 ₹7,000/- thereafter Exp. bill for ₹11,000/- received on 2.4.2018
and balance amount paid ₹4,000/- by cash. Whether this is allowable exp. as per INCOME TAX ACT.
6 Replies
Bibek jaiswal
(Accountant)
(528 Points)
Replied 06 June 2018
Rs 10000 limit is applicable for per day
Bibek jaiswal
(Accountant)
(528 Points)
Replied 06 June 2018
please refer sec 32 income tax where in business exp cash limit is 10000 and section 40(A)(3A) cash payment limit RS 10,000.
and newly inserted section 269ST: person who enter into transaction of RS 2 lac or above in cash will be liable to payby way of penalty the amount of txn
and newly inserted section 269ST: person who enter into transaction of RS 2 lac or above in cash will be liable to payby way of penalty the amount of txn
Ramji
(CA)
(29 Points)
Replied 14 June 2018
it is disallowed as bill amount for a day exceeds ₹10,000/-
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