CASH PAYMENTS ABOVE 20000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2010
I MADE A PAYMENT FOR RS. 200000/- IN CASH AS ADVANCE FOR DEVELOPMENT OF LAND.I HAVE RAISED THE VOUCHER AS "ADVANCE FOR LAND DEVELOPMENT " . LATER ON I SUBMITTED THE BILLS FOR THE ABOVE AMOUNT AND ACCOUNTED THE EXPENDITURE THROUGH JOURNAL VOUCHER. MY QUESTION IS WHETHER THE ABOVE PROCEDURE IS CORRECT OR NOT ? FURTHER DOES SECTION 40 A(3) IS ATTRACTED OR NOT. IS THE EXPENDITURE OF RS.200000/- GOING TO BE DISALLOWED? PLEASE GUIDE ME IN THIS REGARD.
19 November 2010
If you are a business man having income from business or profession, also dealing in real estate / infracture company etc.,
and if you are claiming it as expenses U/s 30 to 37, then the provision of Sec 40A(3) applies & 100% is disallowed.
If you are a salaried person and paid Rs.200000/- to builder, then the provision of Sec40A(3) does not apply.
and if you are claiming it as expenses U/s 30 to 37, then the provision of Sec 40A(3) applies & 100% is disallowed.
If you are a salaried person and paid Rs.200000/- to builder, then the provision of Sec40A(3) does not apply.
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