40A(3)

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gaurang ganatra (Querist)
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01 July 2010 can payment be made below rs.20,000 on different days to creditors (for materials)
or it is to be made by way of account payee cheque ?????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 July 2010 You can make payment below Rs.20000 by cash no problem

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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01 July 2010 AGREED
where 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, the disallowance of such expenditure shall be made under the proposed sub-section (3) of section 40A or the payment shall be deemed to be the profits and gains of business or profession under the proposed sub-section (3A) of section 40A,as the case may be.

THERE IS WORD IN A DAY. YOU CAN MAKE PAYMENT OF BELOW 20000/- IN DIFFERENT DAY.

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