section 40 A(3)
This query is : Resolved
25 November 2010
sir
if a single transaction of Rs. 45000/- occured in a day and being paid by the assessee in three days in installment of
Rs.15000/-
Rs.18000/-
Rs.12000/-
whether the expenditure is allowed as a deduction as per the Section 40 A(3)
if a single transaction of Rs. 45000/- occured in a day and being paid by the assessee in three days in installment of
Rs.15000/-
Rs.18000/-
Rs.12000/-
whether the expenditure is allowed as a deduction as per the Section 40 A(3)
CA Sanat Pyne
(Expert)
25 November 2010
YES.
CA. Aryendra
(Expert)
25 November 2010
Yes it will be allowed
Expenses dissallowed when payment made to a person " in a day" otherwise than the account payee cheque exceeds Rs. 35000.00 w.e.f. 1.10.2009
Expenses dissallowed when payment made to a person " in a day" otherwise than the account payee cheque exceeds Rs. 35000.00 w.e.f. 1.10.2009
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25 November 2010
but Aryendra sir the particular transaction is of 45000 and the payment of cash is allowed in more than one day????
CA Sanat Pyne
(Expert)
25 November 2010
YOU HAVE MENTIONED THAT PAYMENT HAS BEEN MADE IN THREE DAYS.
THE MAIN CRIETERIA IS TRANSACTION VALUE AND PAYMENT SHOULD BE MORE THAN 20000/- IN A DAY
THE MAIN CRIETERIA IS TRANSACTION VALUE AND PAYMENT SHOULD BE MORE THAN 20000/- IN A DAY
CA Sanat Pyne
(Expert)
25 November 2010
YOU CAN VISIT THIS LINK
https://www.caclubindia.com/experts/cash-payment-522525.asp
https://www.caclubindia.com/experts/cash-payment-522525.asp
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