20 February 2018
There is a hospital running under the trust registered u/s 12AA of income tax act.have some cash payment for amount exceeding 10000.is section 40a(3) applies to it?if Yes,then what actions to be taken as an auditor?
20 February 2018
40A(3) is for computation of business income. Generally, income of trust covered u/s 12AA is computed under the head 'Income from other sources'. If so. 40A(3) doesn't apply.
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