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Sec 40a(3)(a)

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 May 2015 Is this transaction allowable as per IT act?
Amount in excess of Rs 20000 in cash in a day withdrawn from petty cash by the partner of a firm as reimbursement of his expenses. Please resolve.
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CA Mehta Ankur N.

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CA Mehta Ankur N. (Expert)
23 May 2015 Yes. For partner there is no limit even its from main cash.
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
23 May 2015 This is allowable provided he has not paid any amount in excess of Rs 20000 in cash in a day to a single person.




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