Payment of rs 50000.is it disallowed u/s 40a(3)
This query is : Resolved
Gautam Khanna
(Querist)
24 October 2017
I have made purchases on credit. And I made payment through a crossed cheque of rs 50,000.I l later came to know that under section 40A(3), the payment above 20,000 is to be made by account payee cheque. But I have crossed the cheque but not written account payee there. Will it be disallowed under this provision despite the fact that the supplier didn't endorse the cheque further? Please help.
CA R SEETHARAMAN
(Expert)
24 October 2017
Crossed cheque means account payee only it will not be disallowed.
Amol S Joglekar
(Expert)
24 October 2017
wisdom prevails......crossed cheque is sufficient.... No need for any special crossing as such.
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