40 a (3) cash payment
This query is : Resolved
25 February 2016
dear experts
i would like to draw your attention to a point . as per it sec 40a (3) cash payment exceed to a single person in a day is disallowed . but if for payment exceed 20000/- cash deposited in a bank account in such person to whom we have to pay such amount
i hope i will received correct reply ..!!
thank's
bipin thakor
i would like to draw your attention to a point . as per it sec 40a (3) cash payment exceed to a single person in a day is disallowed . but if for payment exceed 20000/- cash deposited in a bank account in such person to whom we have to pay such amount
i hope i will received correct reply ..!!
thank's
bipin thakor
27 February 2016
Ultimately you will pass journal entry in your book as Party A/c Dr to Cash A/c Cr only.
Secondly section is very clear that payment should not be made other than account payee cheque.
Third Rule 6DD which list down exception doesn't provide any exception for such direct deposit of cash.
Fourth don't forget section 269SS and 269TT, which prohibits you from making such transaction.
Regards .
Secondly section is very clear that payment should not be made other than account payee cheque.
Third Rule 6DD which list down exception doesn't provide any exception for such direct deposit of cash.
Fourth don't forget section 269SS and 269TT, which prohibits you from making such transaction.
Regards .
Message likes :
1 times
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS AND ITR ISSUE
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
