40A(2)
This query is : Resolved
10 May 2009
i want to know whether the following expenses are disallowed u/s 40A(3)
there are 3 different bills:
dated amount
15.01.09 15000
19.01.09 12300
28.01.09 18000
the assesse makes a single payment in cash for rs.45300 on 31.09.09
there are 3 different bills:
dated amount
15.01.09 15000
19.01.09 12300
28.01.09 18000
the assesse makes a single payment in cash for rs.45300 on 31.09.09
Ca Anand Dubey
(Expert)
10 May 2009
yes
CA Nitin Wadhwani
(Expert)
10 May 2009
In my opinion and careful reading of the law, it would not be disallowed.
Late CA Sampat Jain
(Expert)
10 May 2009
it is not the bill amounts , but the amount of payment which is determining factor.since the payment is more than rs 20000, it can be disallowed u/s 40(A)(3)
CA Nitin Wadhwani
(Expert)
10 May 2009
Sec.40(A)(3) says payment of "an expenditure"
Here since there are different bills they would not be disallowed and this has been clarified by the department.
Here since there are different bills they would not be disallowed and this has been clarified by the department.
Late CA Sampat Jain
(Expert)
11 May 2009
dear nitin
please provide me the clarification circular number to further enlighten the issue.
please provide me the clarification circular number to further enlighten the issue.
11 May 2009
Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure.
12 May 2009
i have not got my answer yet,there is lot of contradiction
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