Payment made by tt in cash
This query is : Resolved
ram gurbani
(Querist)
22 September 2011
dear Sir,
My query is if party has made payment more than 20000by telegraphic transfer in cash through co op credit society/ co op bank. will it be disallowed u/s 40A(3).
rgds,
My query is if party has made payment more than 20000by telegraphic transfer in cash through co op credit society/ co op bank. will it be disallowed u/s 40A(3).
rgds,
CA. Nitin Agrawal
(Expert)
23 September 2011
It will be treated at par like RTGS, so there would be no disallowance for payment made through TT.
23 September 2011
If TT is made through co-op society, disallowance attracts under section 40A(3) because exception is for TT through bank.
24 September 2011
If it is through Post Office or Co-operative Bank then it is not covered u/s 40A(3)
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