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Sec. 40A(3)

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09 May 2008 1). Suppose I purchase a fixed asset worth Rs.1,00,000.00. And make the payment of Rs. 50,000.00 in case, state whether provisions os Sec. 40A(3) gets attrected.
Also explin the provisions of this sec. i.e. payment exceeding Rs. 20,000.00 for the A.Y. 07-08, 08-09, 09-10.i.e. the difference.

Suppose I make payment exceeding Rs.20000 On a single day but not at the same time but different time which does not exceed Rs. 20000 the what would be the answer for the above Assessment year.
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
09 May 2008 SEC 40A(3) IS APPLICABLE IF YOU DEBITED THIS AMOUNT TO P&L A/C IN YOUR CASE YOU ARE PURCHASE MACHINERY IT IS CAPITAL ASSETS SO 40A(3) IS NOT APPLICABEL
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R.V.RAO

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R.V.RAO (Expert)
09 May 2008 I AGREE WITH SRI HEMANT.
R.V.RAO
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