cash payments
This query is : Resolved
23 August 2017
In a company x ltd if A is one of the director and she withdrew cash 50000 will it not attract sec 40(A)3 where present limit in a day is only 10000.
23 August 2017
Mere withdrawal of cash from Bank Account doesn't attract disallowance u/s 40a(3).
Expenditure of 10000 or more in cash in a single day (with certain exceptions) amounts to disallowance u/s 40a(3)
HERE EXPENDITURE IS IMPORTANT.
Expenditure of 10000 or more in cash in a single day (with certain exceptions) amounts to disallowance u/s 40a(3)
HERE EXPENDITURE IS IMPORTANT.
23 August 2017
its not withdrawal of cash from bank a/c direct cash payment but in narration its mentioned as drawings entry is A current a/c
To cash a/c
23 August 2017
You have mentioned it as private limited Company and there is no concept of Drawings in Pvt; ltd. entity.
If it is Director's Remuneration then it is disallowed and if it is Loan or Advances etc to director then there is no need to check 40a(3)
If it is Director's Remuneration then it is disallowed and if it is Loan or Advances etc to director then there is no need to check 40a(3)
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