40 A (3) , bearer cheque payment
This query is : Resolved
CA ANAND MASHETTY
(Querist)
20 November 2010
Payment made by dealer for the purchase of agriculture produce from the former in the market committee and payments made for such purchases by bearer cheque not a/c payee cheque.. Is it violation of provisions of S.40A(3)? If so, What are the remedies? please reply soon... urgent
CA.Madhusudan B.P.
(Expert)
20 November 2010
If the goods in question is agriculture products, and payment is made to cultivator, producer or grower, then even the amount is paid in excess of Rs 20000 in cash also, Sec 40(A)(3) does not apply, as it is covered under Rule 6DD e.
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