sec 40(A)3
This query is : Resolved
Arunashree
(Querist)
10 February 2010
Sir,
Pl clarify
1) If the cash is paid to any person as advance for expenses exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?
2) If the cash is paid to an employee as advance/loan exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?
Please reply as soon as possible.
Wani
Pl clarify
1) If the cash is paid to any person as advance for expenses exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?
2) If the cash is paid to an employee as advance/loan exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?
Please reply as soon as possible.
Wani
Selvakumar Selvaraj
(Expert)
10 February 2010
1.If cash paid in advance against single expenses if exceeds Rs.20000/- is disallowed under the Section 40A(3).
2.If the loan amount exceeds Rs.20000/- by cash then it should be added to the income from other source to the employee under section 56 of IT ACt. But 40A(3) will not attract
2.If the loan amount exceeds Rs.20000/- by cash then it should be added to the income from other source to the employee under section 56 of IT ACt. But 40A(3) will not attract
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