disallowance U/S 40 A (3)
This query is : Resolved
02 September 2008
wheather advances extended for more than Rs.20,000/- will come under the purview of Sec - 40 A(3)?
since advance is not an expenses, i think it will not come u/s 40A(3).even if an advance is give for more than Rs.20,000.
since advance is not an expenses, i think it will not come u/s 40A(3).even if an advance is give for more than Rs.20,000.
CA E.A.Ravikumar
(Expert)
02 September 2008
40A relates to Expenses or payments not deductible in certain circumstances, relating to the computation of income under the head Profits and gains of business or profession.
if your query is whether advances in cash, in excess of 20,000 can be given, the answer is NO. section 269SS gets invoked
if your query is whether advances in cash, in excess of 20,000 can be given, the answer is NO. section 269SS gets invoked
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