Tag Archives: Cash Payment

Section 40A(3)- Disallowance of cash payments

Section 40A(3) of Income- Tax Act 1961 (India) Budget 2017 updates – Amendment in Section 40A(3) : As per Finance Act 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) reduced threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above… Read More »

Cash Payment Exceeding 20000 can be made if genuineness of transactions and payment and identity of the receiver are established

Held Tribunal has not disbelieved the transactions or the genuineness thereof. Nor has it disbelieved the fact of payments having been made. More important, the reasons furnished by the appellant for having made the cash payments, which we have already adverted to, have not been disbelieved. In our view, assuming these reasons to be correct,… Read More »