Cash payment of Rs 10000
Ghanshyam Lohar (ACCOUNTANT) (60 Points)
18 October 2019Ghanshyam Lohar (ACCOUNTANT) (60 Points)
18 October 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 18 October 2019
sabyasachi mukherjee
(27579 Points)
Replied 18 October 2019
Kapadia Pravin
(17259 Points)
Replied 18 October 2019
sabyasachi mukherjee
(27579 Points)
Replied 18 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 18 October 2019
1. As explained by Pravin Ji. You will be hit by sec 40A(3) which deals with a cash payment in excess of Rs. 10,000 per day to a single person in a day.
2. Limit specified u/s 40A(3) relating to cash payment is only in relation to a cash payment and sec 269SS or 269ST does not bar payments in cash.
3. Another section which bars cash payments is sec 269T, which also deals with repayment of loan or advance.
4. Disallowance will be attracted only in case if the cash payments exceed Rs. 10,000 in a year relating to business expenses.
Please correct me if the above solution has an alternative view.