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Querist : Anonymous

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Querist : Anonymous (Querist)
29 October 2014 Dear Sir ,

We had paid Agent Brokerage (Service Charge)for Rent property.We paid Rs.25000.00 on Cash Voucher .

Kindly explain me that Under which group-Agent Brokerage expense I have to park .


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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
30 October 2014 Brokerage expense will come under the head 'Professional and Consultancy Expenses'

For your information, an expenditure for which payment is made to party exceeding Rs. 20,000/- in a single day will not be allowed as deduction as per section 40A(3) of income tax act.

Thanks.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
30 October 2014 However provisions of section 40A(3) are subject to some exception as provided in Rule 6DD of income tax rules 1962.

Thanks.
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