Is Limit of Rs. 20000 U/S 40A(3) also applicable for any individual. Means if any indivdual makes any payment towards any expenditure for more than 20000 will it be disallowed or not.
The word " Assessee" has been used for the above Provision.If an assessee makes payments to a person exceeds Rs.20000/ for any expenditure, shall be disallowed. in your case, it will be disallowed.
Just to mention, clarify the status of the word "Individual" in ur query. In case the answer is in nature of personal purposes..then Income Tax Act provisions do not apply... Otherwise, as suggetsed/advised,follow accordingly. Thx
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