Sec 40A(3)
This query is : Resolved
22 December 2010
As per Sec 40A(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.
My query is that where a person makes payment of two different bills(none of them exceeds Rs 20000) in cash on a same day but the total exceeds Rs 20000 whether Sec 40A(3) is applicable in that case and all the payments will be disallowed(considering these payments are not covered under exemptions).
My query is that where a person makes payment of two different bills(none of them exceeds Rs 20000) in cash on a same day but the total exceeds Rs 20000 whether Sec 40A(3) is applicable in that case and all the payments will be disallowed(considering these payments are not covered under exemptions).
22 December 2010
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