Payment exceeding rs 20000/-

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Tanisha Jain (Querist)
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04 September 2012 Please help.... Is a payment of monthly installment against a car loan to a finance company, exceeding Rs 20000/- in cash, allowed or not ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 September 2012 Section 40A(3) applicable all the payments including the depreciable asset purchase. but that particular expenses will be claimed in the p&l then that will be dis allowed. but repayment of loan installment by cash, may be interest portion will be disallowed for the particular payment of emi

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Tanisha Jain

Tanisha Jain (Querist)
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05 September 2012 thank you sir for the valuable explanation.
but in case there exist no interest rather just the installment amount, that will be allowed as per your explanation, is it ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 September 2012 Installment amount not claiming in p&l so there is no question of dis allowance of the payment

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