Sec 40A(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2010
Can any 1 kindly elaborate when expenses exceeding rs.20,000/- will be disallowed.
Suppose, A firm purchased goods worth Rs.86000 on credit on May 1,2010.
Payment made as follows:
a) Rs.15,000 in cash on 10th may
b) Rs.30,000 by a/c payee cheque on 20th May
c) Rs.41,000 by A/c payee.
Will any of the following attract disallowance?
Kindly help
Suppose, A firm purchased goods worth Rs.86000 on credit on May 1,2010.
Payment made as follows:
a) Rs.15,000 in cash on 10th may
b) Rs.30,000 by a/c payee cheque on 20th May
c) Rs.41,000 by A/c payee.
Will any of the following attract disallowance?
Kindly help
08 July 2010
NO DIS ALLOWANCE IN GIVEN CASE.
U/S 40(A)(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure. Further in the case of Transporter the amount is Rs. 35000 instead of Rs. 20000.
U/S 40(A)(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure. Further in the case of Transporter the amount is Rs. 35000 instead of Rs. 20000.
08 July 2010
i agree with sanjay
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Tax rate change regarding
- UDIN ISSUE
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- 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?
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
