doubt in sec 40A(3)
This query is : Resolved
CA Aditya Goel
(Querist)
22 April 2011
Amt. paid in Cash above Rs. 20000 in a single day to a same party is disallowed wholly even if paid in different times during a same day.
but, if amount is paid against more than one invoice or bill then?
Eg. Mr A buys raw material from Mr. B for Rs 30000 and mr B issues 2 bills of Rs. 15k each for raw mat x and raw mat y. now?
but, if amount is paid against more than one invoice or bill then?
Eg. Mr A buys raw material from Mr. B for Rs 30000 and mr B issues 2 bills of Rs. 15k each for raw mat x and raw mat y. now?
CA MANOJ GUPTA
(Expert)
22 April 2011
THE FINANCE 2008 HAS AMENDED SECTION 40A(3) AND NOW NO SPLITTING UP OF PAYMENTS IS ALLOWED. THE LIMIT IS PAYMENT TO A SINGLE PARTY IN A DAY SHALL NOT EXCEED THE AMOUNT OF RS 20000
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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