Taxable income as cash payments to suppliers for business material

I made a cash payment to one of my suppliers to procure business related material. As it was a holiday and there was an urgency for making the payment, I had make a cash payment of 54,000. I got to know from my colleagues that this expenditure will have an effect on my taxable income. Please guide.

Answers (1)

59 votes

it seems that your query is related to Income tax and therefore could not be answered by me. kindly communicate with the organiser and ask them to forward the query to Direct Tax practitioner Advocate or CA

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