AMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC.Finance Act, 2017
AMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC.Finance Act, 2017
Cash payment threshold amended to exclude expenditures paid otherwise than by account-payee methods from eligible deductions. Amendment to clause (f) of subsection (8) of section 35AD inserts words excluding from allowed expenditure any payment to a person in a day, otherwise ... Summary
Cash payment threshold amended to exclude expenditures paid otherwise than by account-payee methods from eligible deductions.
Amendment to clause (f) of subsection (8) of section 35AD inserts words excluding from allowed expenditure any payment to a person in a day, otherwise than by an account-payee cheque, account-payee bank draft or electronic clearing system through a bank account, where such payments exceed the prescribed cash-payment threshold, thereby imposing an account-payee payment requirement and aggregate daily cash-payment limit as conditions for recognition of the expenditure.
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