Cash payment exceeds rs. 20000/-
This query is : Resolved
19 December 2014
During the financial year 2011-12 a party has made cash payment of Rs. 25000/- towards payment of freight. Whether such payment will be disallowed u/s 40A(3) or cash payment limit has been modified as 35000/- towards payment of freight.
plz suggest with relevant provisions as Income Tax Deptt. has raised a query in assessment proceeding that why not such payment considered as disallowed expenses u/s 40A(3).
plz reply fast ........its very urgent
plz suggest with relevant provisions as Income Tax Deptt. has raised a query in assessment proceeding that why not such payment considered as disallowed expenses u/s 40A(3).
plz reply fast ........its very urgent
19 December 2014
The provisions of section 40A(3) will not be applicable in case of cash payment made to transporter upto 35,000/- as amended by the finance act 2009
20 December 2014
yes it is changed in finance act 2009 only for transporter payment upto rs. 35000/-
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