40a(3)(b).
This query is : Resolved
18 August 2014
Sir, On purchase of Electrical material, party issued cash memo, against which we have made payment of Rs.58000 in cash. is it permissible u/s 40A(3)(b) to make payment in cash above 20000 Rs. if the cash memo is issued? Awaiting for reply. Thanking You.
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Preety Chawda
(Expert)
19 August 2014
PAyment made in excess of Rs. 200000/- otherwise than by Account payee cheque or bank draft will bw disallowed.
In ur case, even if payment is against the cash memo, it will be disallowed u/s 40A 3 b
In ur case, even if payment is against the cash memo, it will be disallowed u/s 40A 3 b
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