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

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This query is : Resolved


( Author )
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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