Question

Income from business inadmissible expenses u/s
a. u/s 50
b. u/s 60
c. u/s 40​

Answer 1

Answer:

A.U/S 50

Explanation:

Both the expenses are inadmissible – Any expenditure in excess of Rs 20000/- need to be paid by an account payee or crossed cheque or draft or bank transfer (NEFT). Expenses in excess of Rs. 20000/- to a party are disallowed if the payment is made by cash or bearer cheque.