Payment of more than 20000/-
This query is : Resolved
Rakesh Jain
(Querist)
04 September 2009
Hi....would anyone please ans. me on this query.
If octroi duty is paid by Party A on behalf of Party B and party B is repaying this to pary A In cash. The whole amount of payment in a day is exceedig limit of Rs. 20000/-.
Can above transaction be treated U/S 40A(3) of Income tax act.
Please ans. ASAP with details and Ref.
Thanks in advance.
If octroi duty is paid by Party A on behalf of Party B and party B is repaying this to pary A In cash. The whole amount of payment in a day is exceedig limit of Rs. 20000/-.
Can above transaction be treated U/S 40A(3) of Income tax act.
Please ans. ASAP with details and Ref.
Thanks in advance.
chetan soni
(Expert)
04 September 2009
he you pay this against his bills then it will covered by sec 40A(3) & if you pay this against octroi receipts & his commissions against his bill then it will not be covered by 40A(3)
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