Question: Whether the Remuneration taken in cash is Disallowed under IT Act since it is more than Rs.20,000 as it is towards Expenses?
Case: The partnership firm name ABC & Co, having 4 partners, Each partner was credited with 6 lacs each and being credited in the Partners' current each partner.
A partner take out every now and then Amounts more than Rs.20,000 (Say Rs.40000, 60000, 75000).
Awaiting Golden Hearts to share their Experience
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