40a(3)
This query is : Resolved
rohit kumar
(Querist)
13 August 2012
Is Limit of Rs. 20000 U/S 40A(3) also applicable for any individual. Means if any indivdual makes any payment towards any expenditure for more than 20000 will it be disallowed or not.
CA Rahul Gupta
(Expert)
13 August 2012
The word " Assessee" has been used for the above Provision.If an assessee makes payments to a person exceeds Rs.20000/ for any expenditure, shall be disallowed.
in your case, it will be disallowed.
in your case, it will be disallowed.
CA PRAVEEN SINGH
(Expert)
13 August 2012
YES.DISALLOWED..
IF YOU WANT TO CLAIM BUSINESS EXPENSES.YOU HAVE TO AVOID TO MAKE PAY IN CASH.
IF YOU WANT TO CLAIM BUSINESS EXPENSES.YOU HAVE TO AVOID TO MAKE PAY IN CASH.
CA CS Amit S. Kedia
(Expert)
13 August 2012
Collect the amount in 2 or more days(per day less than Rs. 20000)in order to claim the expenditure.
CA Prashant Gupta
(Expert)
13 August 2012
yes, individual is also covered in this. but if he has business income.
CA VISHNU GAVKARE
(Expert)
13 August 2012
It is very well applicable to Individuals
Naresh Dharia F.C.A.
(Expert)
14 August 2012
Just to mention, clarify the status of the word "Individual" in ur query. In case the answer is in nature of personal purposes..then Income Tax Act provisions do not apply...
Otherwise, as suggetsed/advised,follow accordingly.
Thx
Otherwise, as suggetsed/advised,follow accordingly.
Thx
Arun Biyani
(Expert)
16 August 2012
yes its applicable to all the assessee.
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