40a(3)
This query is : Resolved
13 March 2016
Query:
Is DRAWINGS included in payment u/s 40A(3) of IT,1961?
Amol S Joglekar
(Expert)
13 March 2016
Drawings is outside the scope of the section.
(3) 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.
(3) 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.
Amol S Joglekar
(Expert)
17 March 2016
You are most welcome.
.
.
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