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.
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