Payments disallowed u/s 40a(3) & 40a(3a)
This query is : Resolved
10 March 2013
Dear Sir, please suggest me that if a Bill of Purchase of Rs. 35000 paid into two parts in cash of Rs. 18000 on one day and 17000 on another day whether dis allowance under 40A(3) will be attracted???
Thanks a lot
Thanks a lot
11 March 2013
Himanshu,
on the narrow reading of the said section, you may say that no disallowance is warranted.
The splitting of payment over multiple days (howsoever unethical or being used to evade taxes or reporting), should not attract 40A(3).
But I am sure if tax payers continue to resort to such devices, someday the legislation shall be amended to cover such structures too.
on the narrow reading of the said section, you may say that no disallowance is warranted.
The splitting of payment over multiple days (howsoever unethical or being used to evade taxes or reporting), should not attract 40A(3).
But I am sure if tax payers continue to resort to such devices, someday the legislation shall be amended to cover such structures too.
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