40a(3)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 My employer has given cash of rs.45000 to another person for depositing it to other person a\c . will it be disallowed and will it be required to be diveded in 3 dates?

Ganeshbabu K

Ganeshbabu K (Expert)
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09 December 2013 you have to show this as cash payment for 3 dates other wise this will disallow

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Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 what will happen if my employee deposit rs 45000 in other person a\c as advance for site exp purpose? will now also it is required to divde it in 3 parts?

Ganeshbabu K

Ganeshbabu K (Expert)
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09 December 2013 it is reportable n tax audit under section 269ss&269t
.

note that you cannot give cash loan/deposit/advance for more than 20000
.
.

.however at the time of booking expence if it is expenced for more than 20000 in a single date bill it is disallowed
.
.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 Penalty of equal amount shall be imposed if paid on 1 day as loan/advance to others.

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