Sec 40a(3) cash payment more than 20k

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 April 2016 sec 40A(3) for payment of exps in day above 20k will applicable to partnership firm which is case of non-audit. Please advice.
same sec. will able for purchase of fixed assets in cash above 20K

09 April 2016 Yes Partnership firm also have to follow sec. 40A(3) even if they are not under audit.

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 April 2016 whether same is applicable to Proprietorship also if he is not under audit??

11 April 2016 Yes sir. Same applicable..!!!


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