40A(3)-Saturday afternoon payments
This query is : Resolved
SRINIVAS SRIRAJ
(Querist)
21 November 2009
Dear Profnl brothers,
This is regarding the Cash payments made in excess of Rs.20000 on Saturday afternoons.
Saturday afternoons are not considered as holiday by the Banking Sector. In the Circulars and awards, they talk about the working hours on weekdays and on saturdays and don't refer the S'day afternoon as a Holiday.
Rule 6DD talks about a day on which the Banks are closed due to holiday /strike etc.
Is there any case law /authority to say that the S'day afternoons are holidays so that the benefit of Rule 6DD can be availed.
I will be grateful for any input in this regard.
SRINIVAS SRIRAJ
This is regarding the Cash payments made in excess of Rs.20000 on Saturday afternoons.
Saturday afternoons are not considered as holiday by the Banking Sector. In the Circulars and awards, they talk about the working hours on weekdays and on saturdays and don't refer the S'day afternoon as a Holiday.
Rule 6DD talks about a day on which the Banks are closed due to holiday /strike etc.
Is there any case law /authority to say that the S'day afternoons are holidays so that the benefit of Rule 6DD can be availed.
I will be grateful for any input in this regard.
SRINIVAS SRIRAJ
CA Balram Sharma
(Expert)
21 November 2009
No there is no such benefit,
section 40A(3) will be applicable
section 40A(3) will be applicable
21 November 2009
i think 40A(3) will be applicable
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