This query is related to sec 40A(3). In the finance act 2008 this section was amended as- any payment made by the assesse in a single day to a party in cash in excess of Rs. 20000 will be disallowed. Further it stated that even if the payment in aggregate is in excess to a party although made by different vouchers it too is disallowed.
My question is the date from which it will come into effect- is it the financial year 09-10 or the assessment year 09-10
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