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{Balu manikantan} SUBRAMANYAM (Practising Advocate)     25 November 2021

Cash sales above twenty thousand

Is it legal to pay in cash to a trader for a sale amount exceeding twenty thousand rupees.


 1 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     25 November 2021

Section 40A(3)(a) of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on a bank or by an account payee bank draft, shall not be allowed as a deduction.

 


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