cash payment exceeding rs.20000
This query is : Resolved
21 June 2010
can cash payment in excess of rs.20000 be made to directors for sitting fees
21 June 2010
Read the relevant clause "Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be Allowed in respect of such expenditure" Any expense includes directors sitting fee also hence it shall be disalloved if >20000
21 June 2010
NO section 40A(3) is applicable when any payment for expenses in excess of Rs 20000/- is made otherwise than an account payee cheque.
SO PART IT or SET IT APART.!
SO PART IT or SET IT APART.!
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21 June 2010
section 40A(3) is applicable
21 June 2010
section 40A(3) is applicable
21 June 2010
AGREE WITH EXPERT
21 June 2010
AGREE WITH EXPERT
21 June 2010
AGREE WITH EXPERT
22 June 2010
Thanks to all for your immediate response
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