U/S 40A(3) OF THE INCOME TAX ACT

This query is : Resolved 
 

(Querist)
11 March 2008

IN THE FINANCE BILL 2008 PAYMENTS ARE MADE
IN EXCESS OF RS,20000/- ARE TAXABLE IN THE
HANDS OF ASSESSE
WHETHER I PURCHASE GOODS IN CASH IN A SINGLE DAY LESS THAN 20000/- BUT TOTAL PURCHASE IS RS 75000/-THAT IS FOUR BILLS
WHETER THE ABOVE PURCHASE IS TAXABLE IN THE ABOVE SECTION


S.Srinivasaraghavan (Expert)
11 March 2008

If each transaction of cash purchase less than rs 20000 is complete in itself, then this will not be caught within the new provision.

CA Praveen Chopra (Expert)
11 March 2008

Take Care if the purchase of 75000/- is made from one person,than it attracts sec 40A(3) under new provision even if it is made against four invoices

CA. GOPAL SONIKA (Expert)
11 March 2008

Mr Praveen is correct

CA Saurabh Maheshwari (Expert)
12 March 2008

AS PER NEW PROVISION EVEN IF THE PAYMENT IS IN EXCESS OF RS.20000/- AGAINST MORE THAN ONE BILL THAN 40A(3) SHALL APPLY



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