Dear Sir
Cash purchase disallowed to us in a single day if it increase in 10000/- but supplier creditor give us to cash receipt for Rs 30000/- in a single day so can it allowable to supplier
6 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 May 2021
No it will be disallowed but in case of transporter the limit will be 35000 rupees in cash
Lotus Agrawal
(Practice)
(1361 Points)
Replied 09 May 2021
It shall be disallowed for u but ur supplier can receive 30000/-. no problem in that.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 May 2021
Not 30000 it's 35000 rupees in cash
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 10 May 2021
There is one exception to this rule where you can pay up to Rs 35,000 to a transporter in a day without attracting the disallowance. Likewise in case you pay any amount beyond Rs 10,000 for acquiring any asset, such payment is not allowed to be added to the cost of the asset for the purpose of claiming depreciation.
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