Sec 40a(3)
This query is : Resolved
B.V.Vijaya Lakshmi
(Querist)
13 May 2014
Sir,
A person have started gold business i.e., buying and selling small gold ornaments in retail, he was purchased gold ornaments in cash and sold them in cash and he is opted sec 44AD in his IT returns, is this purchase of gold in cash attracts sec40a(3). What will be the circumstances.
A person have started gold business i.e., buying and selling small gold ornaments in retail, he was purchased gold ornaments in cash and sold them in cash and he is opted sec 44AD in his IT returns, is this purchase of gold in cash attracts sec40a(3). What will be the circumstances.
Nikhil Kaushik
(Expert)
13 May 2014
no disallowance is attract under 40a(3) as provisions from section 28 to 43C dont apply to 44ad cases.
B.V.Vijaya Lakshmi
(Querist)
15 May 2014
Thank you sir,
Is he can purchase gold in cash for above Rs.20,000/- ?
Is he can purchase gold in cash for above Rs.20,000/- ?
Nikhil Kaushik
(Expert)
15 May 2014
as I said before if you are covered under 44AD, 40A(3) wont apply. you can purchase in cash.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Gift to nri relatives residing in usa
- Form 144 TDS Return Validation Error – Mandatory Fields
- IMS (import of goods) ITC related
- Advances to related party
- How do you manage client document collection and follow-ups in your CA/CS practice?
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
