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Regarding taxable business income
what is treatment regarding computing taxable business income of a company :
1. Cash payment made in d form of cash rs.50000
2. We should show TDS while computing tax liability of a company ?
Replies (1)
Dear, Naveen,
1. Under Sec. 40 A(3)Of Income tax Act 1961. Where any expenditure in respect of which payment is made in excess of Rs. 20,000 at a time otherwise than by Account-payee cheque or draft, 100% of such payment shall be disallowed.
So, cash payment made of rs. 50,000 is not allowed as expenses .
2. yes, we have to deduct amount of TDS from total tax liability, and balance will be paid or refundable
Thanks and regards
Mr. Vineet Kumar
Cont.- 7770010353
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