Part XIVAMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC. (From Section 156 to Section 189 )
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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