Payment of more than 20000/-
This query is : Resolved
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.
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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