Is payment for purchase material > 20000 in a day is allowed under section 40A(3) of IT act,1961.
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 27 August 2016
Normally it will be disallowed u/s 40A(3)but there are certain exceptions too like purchase material is agri/forest/animal husbandry/cottage industry produce without aid of power etc. and many more exceptions are there depends upon situations too.
Niraj Bista
(A/C)
(70 Points)
Replied 27 August 2016
Hari Sripada
(101 Points)
Replied 28 August 2016
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