Cash exceed 20000/- 40a(3)
This query is : Resolved
31 August 2013
I conducted an internal audit in one of mobile pvt ltd in that a mobile was taken by an employee for Rs.25000/- and such amount will be deducted in installment from his salary. So in this situation 40A(3) applicable or not. Please clarify
CA Parul Saxena
(Expert)
31 August 2013
not applicable one time payment must not exceed Rs.20000
CMA Ramesh Krishnan
(Expert)
31 August 2013
your transaction not having any criteria to apply sec.40A(3)
31 August 2013
If only in single day there is payment made in excess of rs 20,000 to 1 single party then sec 40A(3) will not get attracted.
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