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query under section 35AD of income tax
Anyone can clearly explain exactly what it does means "Any expenditure in respect of which payment or aggregate of payment made to a person of an amount exceeding₹10000 in a day otherwise than by account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account would not be eligible for deduction"
Replies (4)
where is the confusion. Its simple that any payment in excess of Rs 10000 not paid through cheque/account payee DD or banking transfer is not eligible for deduction. So if you pay someone in cash, lets say Rs 11000, it wont be eligible for deduction
As per section 35AD of income tax act ,
any single payment done or aggregate of payments done exceeding 10,000 to a person is not eligible for deduction if it is made through cash.........so for claiming deduction under this section the payment should be either by cheque or bank draft or by electronic clearing system if payment is more than 10,000
Hope its clear now...
if not you are free to ask where you are struck
any single payment done or aggregate of payments done exceeding 10,000 to a person is not eligible for deduction if it is made through cash.........so for claiming deduction under this section the payment should be either by cheque or bank draft or by electronic clearing system if payment is more than 10,000
Hope its clear now...
if not you are free to ask where you are struck
thank you guys
your welcome
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