cash deposited directly by the party into our bank account.
This query is : Resolved
anshulmarele (Indore)
(Querist)
09 February 2011
When the party directly deposits cash into our bank account, does section 40A(3) gets violated? OR any other section gets violated?
CA PARAS BAFNA
(Expert)
09 February 2011
Section 40A(3) is not violated by the person who is a receiver. So you need not to worry.
It is applicable to the payer and only in such cases when he deposits cash exceeding Rs. 20000/-.
It is applicable to the payer and only in such cases when he deposits cash exceeding Rs. 20000/-.
Message likes :
1 times
Guest
Guest
(Expert)
09 February 2011
Directly depositing in bank account is equilent to cash payment and therefore, provisions of Sec. 40A(3) will be applicable to payer.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Foriegn assets disclosure
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
