Shivani (Learner) (1881 Points)
01 November 2013Hi Friends
This may sound weird but I myself don't know what the proper question I have to ask here.
Let me try
I hear at times that something something happens if payment exceeds Rs. 20000.
What happens !!
Can anyone throw some light on this?
Shivani
Nandan
(Accountant)
(40 Points)
Replied 01 November 2013
CA Chirag
(Chirag Sheth & Associates)
(1183 Points)
Replied 01 November 2013
if you have made cash payment or payment through bearer cheque for exceeding 20000, the entire amount is disallowed as expenses. So request you to make payment through cheque other then bearer.(As per Income Tax)
hope this will clarify.
ca chirag
CAclubindia
