What happen if payment done above Rs.20000/- in cash.

preet (Querist) 21 June 2011 This query is : Resolved
If any person make a payment in cash exceeding Rs.20,000/- what liability attached to him under Income Tax Act, 1961.?

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preet
Lawyerpreetkaur@gmail.com

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DEFENSE ADVOCATE.-firmaction@g (Expert) 21 June 2011
this is not allowed for expanses only.

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soumitra basu (Expert) 29 June 2011
The expenditure for which the amount was paid in cash shall not be entitle for deduction. However there is some exceptional clauses.

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