disallowance undersection 40a(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2014
during he FY 2010-11 (tax audit limit 60 lakhs)income filed under section 44AD showing turnover around 38 lakhs, later file called for assessment, during assessment 20 lakhs added to turnover, for the difference amount i.e 20 lakhs officer charged 8% as income and tax was paid, later again file opened under section 154/155, and disallowed certain payments made through bank , but not crossed one. under section 40A(3).
My qwery: is it possible to disallow under section 40A(3) certain payments made by bearer cheques, for which i have not claimed.
as far i am concerened,i know if it was within the tax limit, then any expenditure cannot be added back to income, but after adding 20 lakhs to turnover it has exceded the tax audit limit,
kindly solve my qwery
during he FY 2010-11 (tax audit limit 60 lakhs)income filed under section 44AD showing turnover around 38 lakhs, later file called for assessment, during assessment 20 lakhs added to turnover, for the difference amount i.e 20 lakhs officer charged 8% as income and tax was paid, later again file opened under section 154/155, and disallowed certain payments made through bank , but not crossed one. under section 40A(3).
My qwery: is it possible to disallow under section 40A(3) certain payments made by bearer cheques, for which i have not claimed.
as far i am concerened,i know if it was within the tax limit, then any expenditure cannot be added back to income, but after adding 20 lakhs to turnover it has exceded the tax audit limit,
kindly solve my qwery
25 November 2014
if u havent claimed such exp then its not disallowable.
Rupesh Jain
(Expert)
25 November 2014
income u/s 44AD not addition made, when you not claimed the exp.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
