Regarding Applicability of 40A

suresh s. tejwani (proprietor) (597 Points)

27 February 2022  

A firm has business of selling  2 wheelers vehicles. It pays RTO tax in cash in excess of Rs.20000/- per day. Further, Partners withdraw cash in excess of Rs.20000/- per day. Whether 40A limit of Rs.20000/- is applicable for RTO tax and partner cash withdraw or not ?