Sec 40 (a) 3

This query is : Resolved

Guest

Guest (Querist)

29 August 2011 for every month i incur staff welfare expenditure through petty cash, where not even single exp cross Rs. 20 K .... but in my books i pass 1 time transaction at the month end which is approx Rs. 50 K every month....
will this attract Sec 40(A)3 ??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 August 2011 No problem, since single expenses not exceeding Rs.20000 per day then section 40A(3) not apply. but even try to account single cash entry below Rs.20000 for avoiding confusions

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