Question

Income from business Inadmissible expenses U/S

a) U/S 50 b) U/S 60) U/S 40​

Answer 1

Answer:

) 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.