cash payment more than of Rs.20,000 not allowed to one person one day for expenses,
but it is allowed for make Demand Draft...
25 Replies
Ashish Porwal
(Assistant Manager - Audit & Assurance)
(77 Points)
Replied 15 June 2012
yes it is allowed
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 15 June 2012
cash payment in excess of Rs 20000 is not allowed, however as per my knowledge payment through Demand draft is allowed....
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 15 June 2012
YES..
READ EXCEPTION OF SEC 40 A(3)
Rule 6 DD
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 15 June 2012
YES..
READ EXCEPTION OF SEC 40 A(3)
Rule 6 DD
DEEPAK ROHERA
(Senior Accountant)
(285 Points)
Replied 15 June 2012
YOUR R RIGHT BUT CASH PAYMENT TO A TRANSPORTS IS ALLOWED 35000
Janani Subramanian
(Employed)
(151 Points)
Replied 15 June 2012
Section 40 A(3); Where the assessee incurs any expenditure 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 a bank or account payee bank draft exceeds Rs 20,000/- no deduction shall be allowed in respect of such expenditure. Hence demand draft is excluded from the purview of 40 A(3).
Janani Subramanian
(Employed)
(151 Points)
Replied 15 June 2012
Section 40 A(3); Where the assessee incurs any expenditure 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 a bank or account payee bank draft exceeds Rs 20,000/- no deduction shall be allowed in respect of such expenditure. Hence demand draft is excluded from the purview of 40 A(3).
Ashish Porwal
(Assistant Manager - Audit & Assurance)
(77 Points)
Replied 15 June 2012
YES..
READ EXCEPTION OF SEC 40 A(3)
Rule 6 DD
Roshan A
(Chartered Accountant)
(458 Points)
Replied 15 June 2012
Yes a DD or a Account payee cheque can be issued for amount exceeding Rs20000.
Jugal Mody
(Article assitant)
(32 Points)
Replied 15 June 2012
| Originally posted by : Lalit Nyati | ||
 |
cash payment more than of Rs.20,000 not allowed to one person one day for expenses, but it is allowed for make Demand Draft... |
 |
yes its allowed
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