Cash payment exceeding 20000/-
This query is : Resolved
23 June 2012
Can an individual not involved in Business make payment exceeding 20000/- at atime to an individual or an organisation.
Does sec 40A(3) apply for individual not having any business
Does sec 40A(3) apply for individual not having any business
23 June 2012
Section 40A(3) applies in respect to Business expenditure only.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
.
A person, not involved in any business can make payment of any personal expenditure , but can not give or repay or accept loan
above Rs. 20000/- in Cash.
.
23 June 2012
Thank you sir.
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
Can i make payment above 20000 to purchase materials required for construction of building?
Is there any limit?
Except for loan an individual can make payment exceeding 20000/- in cash. Is it right?
23 June 2012
Agree with above expert.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
You can make payment.
Sec 40A(3) applies for business expenses.if you want to claim business expenses while calculating taxable income.then you have to comply the provision of above sec.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
