DIALLOWANCE U/S 40A(3)
This query is : Resolved
23 June 2009
HI ALL,
AS PER NEW AMENDMENTS IN 40A(3), ANY PAYMENT IN EXCESS OF RS.20000/- PER DAY FOR A PERSON IS DISALLOWED. MY QUERY IS LIKE THIS:
IF THE BILL IS EXCEEDING RS.20000/- & ACCOUNTED ON CREDIT BASIS & IF IT IS PAID IN THE SAME YEAR IN CASH LESS THAN 20000 EACH PAYMENT WILL IT ATTRACT DISALLOWANCE?
BCOZ IN THE NOTIFICATION IT SAY ANY EXP ALLOWED ON ACCRUAL BASIS & ITS PAID IN NEXT YEAR OTHERWISE THAN ACCOUNT PAYEE CHEQUE OR DRAFT THEN IT WILL BE DISALLOWED. PLS CLARIFY..
RAM
AS PER NEW AMENDMENTS IN 40A(3), ANY PAYMENT IN EXCESS OF RS.20000/- PER DAY FOR A PERSON IS DISALLOWED. MY QUERY IS LIKE THIS:
IF THE BILL IS EXCEEDING RS.20000/- & ACCOUNTED ON CREDIT BASIS & IF IT IS PAID IN THE SAME YEAR IN CASH LESS THAN 20000 EACH PAYMENT WILL IT ATTRACT DISALLOWANCE?
BCOZ IN THE NOTIFICATION IT SAY ANY EXP ALLOWED ON ACCRUAL BASIS & ITS PAID IN NEXT YEAR OTHERWISE THAN ACCOUNT PAYEE CHEQUE OR DRAFT THEN IT WILL BE DISALLOWED. PLS CLARIFY..
RAM
23 June 2009
although the bill is o amt exceeding 20000, but the payment at a time is less then 20000 in a day to a person it will NOT be disallowed
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