Sec. 40 a(3)
This query is : Resolved
10 January 2012
Whether sec. 40 A(3)will be attracted if payment of expenditure is made by depositing an amount of Rs. 40000 in a bank account of a creditor?
10 January 2012
If cash is deposited in the bank account of the creditor, then Section 40A(3) shall be attracted, since the payment has been made otherwise than by an account payee cheque.
10 January 2012
You can break the transaction into the foll. 2 transactions..
One-Give cash to your creditor..
Two-The creditor deposits it into his bank..
Clearly because of the first transaction, 40A(3) shall be attracted..
One-Give cash to your creditor..
Two-The creditor deposits it into his bank..
Clearly because of the first transaction, 40A(3) shall be attracted..
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