Disallow u/s 40a(3)
This query is : Resolved
19 March 2013
Dear Sir,
I purchases goods for resale worth Rs.60000 on credit on 15.02.13
I pay
Rs.18000 in cash on 20.02.13
Rs.20000 in A/c pay cheque on 22.02.13
And Rs.22000 in a/c pay cheque on 23.02.13
Which Amount Disallow U/s 40A(3) of IT act ?
I purchases goods for resale worth Rs.60000 on credit on 15.02.13
I pay
Rs.18000 in cash on 20.02.13
Rs.20000 in A/c pay cheque on 22.02.13
And Rs.22000 in a/c pay cheque on 23.02.13
Which Amount Disallow U/s 40A(3) of IT act ?
19 March 2013
No disallowance would be there because of following 2 reasons:-
1) No payment exceeding Rs.20000/- has been made in cash.
2)Sec.40(a)(3) is for indirect expenditure and not for expenses like purchase of goods....
1) No payment exceeding Rs.20000/- has been made in cash.
2)Sec.40(a)(3) is for indirect expenditure and not for expenses like purchase of goods....
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