Cash payment
This query is : Resolved
31 January 2015
hlo friends, can a partnership pay to its partner's imprest a/c payment in excess of rs. 20000.whether sec 40(A)(3) applies here.
31 January 2015
In section 40A(3) read with rule 6DD, no exception is provided to firm for payment made to its partners and as such the interest payment to any partner in cash in excess of Rs.20000/- shall be disallowed
31 January 2015
The payments made to the IMPREST account do not attract the provisions of
section 40 A(3) of the Act. However,if any expenditure is booked in cash over and above Rs. 20,000/-,then the provisions of section 40A(3) of the Act are to be applied and disallowance are to be worked out thereunder.
section 40 A(3) of the Act. However,if any expenditure is booked in cash over and above Rs. 20,000/-,then the provisions of section 40A(3) of the Act are to be applied and disallowance are to be worked out thereunder.
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