what is the limit to pay the cash to party / service provider / contractor if expenditure had deducted the TDS other than Transport charges head
3 Replies
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 28 August 2013
None can make the payment above Rs. 20000/- by cash (single transaction).
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 28 August 2013
also on single day to same party by multiple transactions
Pratik CA Final
(Article Assitant)
(102 Points)
Replied 02 September 2013
o Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses
in respect of which a payment or aggregate of payments made
to a person in a day,
otherwise than
by an account payee cheque drawn on bank or account payee bank draft,
exceeds Rs 20000.
Generally such expenses are disallowed,unless a few criteria as per the provision are satisfied
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