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