Expenses made in Cash for Presumptive Income

15 April 2019

If we have opted for Sec.44AD then can we make Payment of more than ₹10000 upto ₹20000/- for goods purchased.
Does Sec.40A will be applicable?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185235 Points)
Replied 15 April 2019

Not possible to disallow WITHOUT BOOKS OF ACCOUNTS!!!

Zeeshan Haris (74 Points)
Replied 15 April 2019

If Payment made by Bearer Cheque then it will show on Bank Statement.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185235 Points)
Replied 16 April 2019

So what, assessee do not claim it as deduction. Deductions are allowed on presumptive basis, so no question of dis-allowance.

Zeeshan Haris (74 Points)
Replied 16 April 2019

Even if he make Payment of more than ₹50000/- but less than ₹2 lac in Cash?

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