Cash payments above rs 20,000
This query is : Resolved
CA Sheela Sreeram
(Querist)
29 November 2014
Dear Sir/Madam
What about Cash payments to Indian Railways above Rs 20,000 towards Wagon charges and demmurrage & wharfarecharges, do they attract sec.40A(3)or exempted under Rule.6DD?
Thanks
What about Cash payments to Indian Railways above Rs 20,000 towards Wagon charges and demmurrage & wharfarecharges, do they attract sec.40A(3)or exempted under Rule.6DD?
Thanks
CA Kumar Mukesh
(Expert)
29 November 2014
Yes it is covered it covered under section 40A(3) read with rule 6DD, as cash payment exceeds Rs. 20,000/- therefore it is not allowed as deduction under income Tax Act.
Since No specific exemption provided for the same
Since No specific exemption provided for the same
CA Sheela Sreeram
(Querist)
29 November 2014
Sir,
Thanks for your reply. Though there is no specific exemption, will Rule 6DD(b) can be applied to it as Indian Railways is an Government authority.
Thanks for your reply. Though there is no specific exemption, will Rule 6DD(b) can be applied to it as Indian Railways is an Government authority.
CA Kumar Mukesh
(Expert)
29 November 2014
Its applied in all cases whether or not it is Govt authority, if the exemption are not provided for the same under rule 6DD
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