It is prepared taking into account different cases of expense disallowed (Learn more)
| PARTICULARS | Amount |
| Profit as per tally | xx |
| Add | |
| Exp Disallowed like | |
| Depreciation As Per Companies Act | xx |
| 30% Of Expense On Which Tds Not Deducted | xx |
| Personal Exp Charged To P& L | xx |
| Illegal Exp Booked In P & L | xx |
| Any Cash Payment > 20000 Of Any Expense Per Day | xx |
| Any Loan Taken Or Repaid > 20000 In Cash | xx |
| Income Tax/Wealth tax/Int On Tax/Penalty On Tax Shown As Exp/Deferred Tax | xx |
| Section 43 B Expenses(Interest On Bank Loan/Bonus/Pf Not Paid Till Return Filing Date 30 Sept) | xx |
| Any uncertain ed Provisions (Provision Made Without Any Basis E.G Prov For Bad Debts) | xx |
| Less | |
| Exp Allowed Like | |
| Depreciation As Per Income Tax | xx |
| Exp Of Previous Year On Which Tds Deposited This Year | xx |
| Section 43 B Exp Of Previous Year Paid This Year | xx |
| Taxable profit | xx |
| Tax | xx |
| Surcharge | xx |
| Total | xx |
| Cess | xx |
| Tax+Cess | xx |
Cash Payment Greater than 10000 Disallowed
Existing (Financial Year 2016 - 2017 or AY 2017-18)
- Cash Payments > 20000 are disallowed under Section 40(a)
- This applies to only OPEX (Operating Expenses)
- Not applicable to CAPEX (Purchase of Fixed Assets)
New(Financial Year 2017 - 2018 or AY 2018-19)
- Cash Payments>10000 are disallowed under Section 40(a)
- In case of fixed assets(CAPEX) purchased in cash more than 10000, depreciation will not be charge on it.
Cash Receipt more than 3 Lacs not allowed
Section 269ST
No person can receive cash more than 3 lacs in following cases
- Total Cash Transactions per day to per party cant be more than 3 lacs
- Single Transaction cant be more than 3 lacs(even if paid in parts)
- Differen transactions relating to single event cant be more than 3 lacs
Penalty
It is equal to amount of contravention (Section 271DA)
Example:- If 4 Lacs received in cash,then 4 lacs will be penalty
Exception
Govt,Banks and Other Notified persons can receive amount more than 3 lacs
