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DIALLOWANCE U/S 40A(3)

This query is : Resolved 
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(Querist)
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
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
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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