Cash payment above 20000 to small ransporter
This query is : Resolved
16 July 2012
Is there any provision, Any circular or any notification in below mentioned matter:
In f. yr 07-08 , Assesee who is a dealer of dates, made some cash payment to small transporter above Rs. 20,000.
Basis of which he is saying that :
If we pay cash to small transporter , it will not be dissallowed under section 40A(3)
Is there any such provision or something else???
In f. yr 07-08 , Assesee who is a dealer of dates, made some cash payment to small transporter above Rs. 20,000.
Basis of which he is saying that :
If we pay cash to small transporter , it will not be dissallowed under section 40A(3)
Is there any such provision or something else???
16 July 2012
Finance act 2008 has one provision in hike of Rs.20000 to Rs.35000 for small transporter as follows
Hike in limit for cash payment under section 40A(3) where payment is made for plying, hiring or leasing of goods carriage:
In case of payment made for plying, hiring or leasing goods carriages, the ceiling of twenty thousand rupees specified in subsections (3) and (3A) shall be enhanced to thirty five thousand rupees.
The limit has been raised in case of transporters due to their special circumstances for incurring expenditure on long haul journeys. It is to be noted that for other categories of payees, the limit will
Hike in limit for cash payment under section 40A(3) where payment is made for plying, hiring or leasing of goods carriage:
In case of payment made for plying, hiring or leasing goods carriages, the ceiling of twenty thousand rupees specified in subsections (3) and (3A) shall be enhanced to thirty five thousand rupees.
The limit has been raised in case of transporters due to their special circumstances for incurring expenditure on long haul journeys. It is to be noted that for other categories of payees, the limit will
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