https://www.taxtmi.com/acts?id=49034 Payments to specified persons may be disallowed to the extent they are excessive compared with fair market value, business needs or benefit to the assessee; a broad definition of specified persons and a 20% test for substantial interest apply. Non electronic payments in excess of a prescribed cash limit in a day are not deductible and certain subsequent cash payments previously deducted may be taxed as business income; a higher ceiling is prescribed for goods carriage payments and limited exceptions may be prescribed. en-us Fri, 14 Feb 2025 16:20:20 +0530 Thu, 20 Feb 2025 17:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49034 Payments to specified persons may be disallowed to the extent they are excessive compared with fair market value, business needs or benefit to the assessee; a broad definition of specified persons and a 20% test for substantial interest apply. Non electronic payments in excess of a prescribed cash limit in a day are not deductible and certain subsequent cash payments previously deducted may be taxed as business income; a higher ceiling is prescribed for goods carriage payments and limited exceptions may be prescribed. Act-Rules Bills Fri, 14 Feb 2025 16:20:20 +0530 https://www.taxtmi.com/acts?id=49034