https://www.taxtmi.com/article/detailed?id=1214 Disallowance of cash payments prevents deduction where payments made otherwise than by account-payee bank instruments exceed the statutory daily threshold; aggregate same-day cash purchases from the same payee are aggregated for this purpose. A statutory proviso and a procedural rule prescribe exceptions-including payments to banks and specified institutions, bank-mediated transfers and electronic payments, purchases from primary producers and cottage industries, payments in bankless localities, certain employee terminal and temporary salary payments, agent cash disbursements, and authorised foreign-currency dealers-while later cash settlement of previously allowed liabilities may be treated as taxable income in the year of payment. en-us Fri, 18 Mar 2011 23:12:35 +0530 Fri, 18 Mar 2011 23:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1214 Disallowance of cash payments prevents deduction where payments made otherwise than by account-payee bank instruments exceed the statutory daily threshold; aggregate same-day cash purchases from the same payee are aggregated for this purpose. A statutory proviso and a procedural rule prescribe exceptions-including payments to banks and specified institutions, bank-mediated transfers and electronic payments, purchases from primary producers and cottage industries, payments in bankless localities, certain employee terminal and temporary salary payments, agent cash disbursements, and authorised foreign-currency dealers-while later cash settlement of previously allowed liabilities may be treated as taxable income in the year of payment. Articles Income Tax Fri, 18 Mar 2011 23:12:35 +0530 https://www.taxtmi.com/article/detailed?id=1214