Payment to transporter above rs.20000
This query is : Resolved
10 June 2012
AS ONE PROFESSIONAL.. ...REPLY MY QUE IS AS UNDER...
Re: sub-section (3A) of section 40A of the Income-tax Act
Dear Sir,
The limit of cash payment of (Rs. 20000/-increased to Rs. 35000/-) has been increased in case of payment made for plying, hiring or leasing goods carriages.
IS IT MEAN ...IF WE CAN HIRE TRUCK OF ANOTHER PERSON WE CAN MAKE ...CASH PAYMENT ...AT A TIME RS.35000 ???
LOOK4U@REDIFFMAIL.COM
Re: sub-section (3A) of section 40A of the Income-tax Act
Dear Sir,
The limit of cash payment of (Rs. 20000/-increased to Rs. 35000/-) has been increased in case of payment made for plying, hiring or leasing goods carriages.
IS IT MEAN ...IF WE CAN HIRE TRUCK OF ANOTHER PERSON WE CAN MAKE ...CASH PAYMENT ...AT A TIME RS.35000 ???
LOOK4U@REDIFFMAIL.COM
11 June 2012
In case of transporters, the limit is Rs. 35,000/- per day.
Accordingly, you can make a CASH payment of an amount not exceeding Rs. 35,000 in a single day without attracting the provisions of Section 40A(3) or 3A.
Accordingly, you can make a CASH payment of an amount not exceeding Rs. 35,000 in a single day without attracting the provisions of Section 40A(3) or 3A.
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