Disallowance u/s 40A(3) of I.T. Act.
This query is : Resolved
CA Sanjay Baheti
(Querist)
18 June 2011
A business Promotion Expenses is debited by way of crediting to X party of Rs.96000/- in Jan,2011 related to F.Y.2010-11.Subsquently in Feb,2011 & March,2011 the Party was paid in cash on different dates being less than Rs.20000/- & square up the party account.
Now query is whether such expenses is disallowed u/s 40A(3).
Now query is whether such expenses is disallowed u/s 40A(3).
19 June 2011
Section 40(A)(3) is applicable only when the threshold limit of Rs. 20000 exceeds in a single day and so here 40A(3) is not applicable...and hence full amount shall be allowable as deduction.
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