Sec 269 ss

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Prabhakar (Querist)

20 August 2013 Weather it is permitted to pay cash Advance of Rs. 20000/- ?? and If above amount is paid to consultant Or during the year if the payment is debited less than 20,000/-, 3 times..

What would be the position ?? U/s 269 SS....

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 August 2013 if paid an amount in cash exceeding 20,000 in a day then it will be disallowed u/s 40A(3).

if loan advance or received for more then 20,000 in cash then sec 269SS & 269T is attracted and penalty of equal amount of loan will be imposed.

Prabhakar

Prabhakar (Querist)

20 August 2013 If A debit Less than 20,000 Per day for 4 times in a year, but total agregate amout exceeds Rs. 20,000/-

FOR CASH ADVANCE "GIVEN" TO CONSULTANT ABOVE 20,000/- , Weather this comes under 40(a)3.. ?? ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 August 2013 if actual payment ismade more then 20,000 in cash but only upto 20,000 is booked then 40A (3) will be attarcted.

else it will not attract.

Prabhakar

Prabhakar (Querist)

20 August 2013 Ill make u still more clear..

Cash Loan Given to consultant Rs. 75000/- in a single day.

Weather it is permitted under income tax act.
or it gets covers under sec 269SS/ 269T.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 August 2013 if it fees paid in advance then only sec 40A(3) will be attracted.

If loan is given and not advance for consultancy then both will be attracted.

Prabhakar

Prabhakar (Querist)

20 August 2013 Ok..

Thankyou very much for your help and time..

CA. Prabhakar Latkan
Belgaum Karnataka INDIA..

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