Maximum Cash Payment Limit under Income Tax Laws | Deductions not Allowed | Payment by Digital Means

Section 21 of the Income tax ordinance, 2001 provides for the deduction not allowed. It means it fixes maximum Cash Payment Limit under Income Tax Laws.
The title of the section is Deductions not Allowed, meaning that the expenses claimed will be added back if are paid in violation of this section.
FBR is promoting Payment by Digital Means or crossed banking channels, which also include crossed cheques, pay order, payment through debit or credit card, electronic transfer, direct credit and other digital means of payment. If payments are not made by these means, in excess of the limits prescribed, the expenses will become inadmissible or disallowed and you may have to pay additional tax.
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#cash #fbr #inadmissible

[falakofficialsvlogs]

Very nice good shairing best of luck informative video

[momandabdullah]

Very Informative video 💞
Thanks for updating us

[Inspired]

Very informative and detailed presentation.

[newentertainment]

Thanks for sharing this most needed video.

[Asadfoursix]

Sir, please explain if possible “ Single account head” ?

As we have created more 27 expense accounts in the COA, does that mean this thresold limit apply to all these 27 heads or heads as appear in the income tax return form ?

Regards.

[mukhtarahmed]

What is definition of expenses which includes purchase of merchandize or not