43b disallowance

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Disallowance of depreciation on capital expenditure made in cash


Under the existing provisions of the Act revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable as per sub section 3 of section 40A of the Act except in specified circumstances as referred to in Rule 6DD of the Income tax Rules 1962 However there is no provision t

Expenditure upto 35000 in cash allowed to transporter


Expenditure made of more than 20000 in cash allowed to transporter Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income tax Act where an assessee incurs any expenditure in respect of which payment in excess of Rs 20 000 is

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Experts Opinions

Disallowance of vat itc


Respected Sir I have purchased goods of Rs 60 lacs from Gujarat Dealer in December 2014 Unfortunately Vat Department has declared him cancelled Tin in January 2015 with effect from 30 June 2014 Party had not paid VAT and I had claimed ITC of such purchase in December 2014 return Now in assessment De

Disallowance related to exempt income


Dear Sir Please provide the following details 1 Calculation of 14a disallowance in excel 14a disallowance examples as per new rule 2 Depreciation Calculator as per Companies Act 2013 Depreciation Rate 3 Tax Rate for Companies AY 2017 18 4 Tax Rate of Deferred tax liability and deferred tax asset for

Disallowance of expenses in excess of 20000 in cash in a day


If an assessee make payment to bank in cash in excess of 20000 to make a DD in favour of creditors for an expense Is there any consequences as per Section 40 A 3 i e this expense is allowed or not

Disallowance under wrong section of income tax act


The A O had disallowed Interest expenditure claimed by the Assessee against Income from House property by invoking provisions of Section 36 1 iii of the Act instead of Section 24 b giving reasons that the Assessee had sufficient borrowed funds and given them on loan without charging interest Is this

Disallowance


It is a common practice by jewellers to purchase old and used jewellery from customers which is usually above 10 000 in cash They include it in purchases and put the point that payment for purchase from registered dealers is always made through A c payee cheque or Rtgs however it is impracticable to

Discussion

Disallowance u/s 40a(3) of the income tax act

The assessee is engaged in the business of supplying milk and milk products to the customers He purchased the products from Alwar Zila Dugdh Utpadak Sahakri Sangh AZDUSS which itself is an authoriseddealer as an authorised sub dealer of Saras Dairy Being in the nature of regular daily trading of the

Limit for disallowance of business expenditure made in cash above rs 10,000/-

As per current Finance Act 2017 Business Expenditure exceeding Rs 10 000 made in cash will be disallowed Ours is a Travel Company we make visa payments to consulates on behalf of our clients going on package tours These payments are made in India to different consulates in cash Can we make cash paym

Section 40a(3) disallowance

Whether spares purchase of goods for exceeding Rs 10 000 in cash which we claim input VAT is also covered by this section

Disallowance of expenses

Can we paid cash more than 10000 for reimbursement of expenses in a day can we paid to sundry creditor more than 10000 in a day

43B on Interest payable to NBFC ?

Is interest payable to NBFC covered by section 43B of Income Tax Act

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Section 40A(3) disallowance of expense made in cash & its exceptions


Section 40A 3 of the Income tax Act The payment made more than 20 000 in cash and its result Section 40a 3 of the Income tax Act provides that any expenditure incurred in relation to business is made in a sum exceeding Rs 20 000 in a single day otherwise than by account payee cheque or draft shall n


Income Tax Act - 1961 Sec 14A disallowance


Introduction 1 Section 14A was first inserted by the Finance Act 2001 However same was inserted with retrospective effect from 1 4 1962 The inserted section reads as under 14A Expenditure incurred in relation to income not includible in total income For the purposes of computing the total income und


Failure to deduct tax at source - disallowance restricted to 30%


As per the existing provision of section 40 a ia any payment made by way of interest commission brokerage rent royalty fee for professional services fee for technical services payment to a contractor or sub contractor on which tax is deductible at source but is not deducted is not allowed as deducti


Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer- Part II


Another situation which in many of the cases under the Punjab VAT which dealers are facing is the disallowance of input tax credit on the ground that the registration of seller of the goods has been cancelled or normally it is stated in the assessment orders that the person from whom goods have been


Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer


The system of VAT was introduced in the sales tax law to bring more transparency efficiency to remove tax cascading etc The difficulties which may arise in any system comes to picture only when the system is practically implemented One of the major difficulties being faced by the dealers is the disa


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Updated on : 6/19/2017 6:30:12 AM


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