Payment u/s 40a(3)
This query is : Resolved
07 September 2016
Party has credit balance for expenses Rs.300000-
Creditors said to party to give Account payee chaque to third party against his credit balance as per his instruction.Party has given third party chaque and debited in creditors account.
this transcation is disallowad as per sec 40A(3).???????
Creditors said to party to give Account payee chaque to third party against his credit balance as per his instruction.Party has given third party chaque and debited in creditors account.
this transcation is disallowad as per sec 40A(3).???????
08 September 2016
It will be disallowed only if the payment is made by cash above Rs.20000. In this case, since account payee cheque is given S.40A(3) would not be applicable.
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