40a3
This query is : Resolved
27 June 2015
please clarify whether cash remitted through NEFT directly to the party account is allowable.
CA. Sunil Gokhale
(Expert)
27 June 2015
Yes it will be allowed. Basically, Section 40A(3) is to prevent cash transactions to prevent black money as cash transactions do not leave an audit trail. NEFT is a payment through bank account and will be allowed even if the section mentions only cheque payment.
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