Disallowance u/s 40a
This query is : Resolved
13 April 2012
Sir,
Plz confirm me whether any payment received from a debtor exceeding Rs. 20,000 in a single day will impose any any legal consequence or it will be treated as income under the head PGBP.
If it is prohibited under any other section then plz tell me the same also.
Plz confirm me whether any payment received from a debtor exceeding Rs. 20,000 in a single day will impose any any legal consequence or it will be treated as income under the head PGBP.
If it is prohibited under any other section then plz tell me the same also.
13 April 2012
Plz help me....
13 April 2012
Only making payment by cash more than Rs.20000 is covered u/s.40A(3)
13 April 2012
can I conclude sir that receiving payment above 20000 in cash has no adverse legal consequence?
13 April 2012
Yes. Receiving as loan by cash more than Rs.20000 will attract Sec.269SS., but receiving from debtors will not have any legal consequences as receiver
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