Tax audit threshold raised and non account payee cheques or bank drafts are deemed cash for audit applicability. Amendment raises the audit applicability threshold and inserts a deeming provision that payments or receipts by a cheque drawn on a bank or by a bank ... Summary
Tax audit threshold raised and non account payee cheques or bank drafts are deemed cash for audit applicability.
Amendment raises the audit applicability threshold and inserts a deeming provision that payments or receipts by a cheque drawn on a bank or by a bank draft which is not account payee shall be treated as payment or receipt in cash for the purposes of the relevant tax audit clause.
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