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/-.
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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.
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