Dear Sir
I have some trade payables in books opening balances as on 1.4.2017 being around 1,18,000 and 155000.
Can I clear these in cash from my books ?
8 Replies
Krishan kant
(student)
(600 Points)
Replied 06 March 2018
yes u can
limit is for above 2 lakhs in cash
limit is for above 2 lakhs in cash
Srinivas Pyata
(543 Points)
Replied 06 March 2018
how can we pay more than 10000 in cash in day
as per section 40A(3) any payment More than 10000 in single day is not allowed
as per section 40A(3) any payment More than 10000 in single day is not allowed
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 06 March 2018
Don't make cash payment for trade payables. If you will do so, provisions of section 40A(3A) comes into play in the year of payment and entire cash payment will be deemed business Income ov that Year.
anita
(trainee)
(514 Points)
Replied 07 March 2018
Can I pay 1,18,000 in monthly 12 installments of 10,000 each ?
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