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Vikas Gupta

Vikas Gupta (Tax Executive) (530 Points)
Replied 10 December 2013

U/s 40A(3)[Read with Rule 6DD] of Income Tax Act, payment otherwise than by an account payee cheque or an account payee bank draft in excess of Rs. 20000/- is disallowed. However it's not illegal. Thus, one may made cash payment by any amount but as per IT Act, such cash payment exceeding Rs. 20000/- will not be allowed as expenses.
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