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Question ID : 42206

Amount taken or paid in cash in excess of 20000-

1 Whether amount taken for short time or paid for short time in cash exceeding 20000-(total )is also required to be reported in Tax Audit report 2 If TDS is not deducted on interest paid to persons,whether it will be suffice to make that Exp not allowable mean Add back to Profit without any other problem

Posted by Mahesh Kumar on Jan 08, 2022

Filed Under MISC.

Answer ID : 81399

1) Yes 269SS. Penal provisions will attract for transaction otherwise than through account payee cheque. 2) Yes 30% expenditure will be disallowed.

Posted by VINAY BHARGAV KUMAR G on Jan 10, 2022
Answer ID : 81403

Yes. Even if such amount is taken for short period and squared up during the year, provisions of section 269SS are applicable. If TDS is not deducted, 30% of such expense will be disallowed.

Posted by CA. chunauti dholakia on Jan 28, 2022