Payment exceeding rs 20000/-
This query is : Resolved
Tanisha Jain
(Querist)
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
(Expert)
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
(Querist)
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 ?
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
(Expert)
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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