section 40(A)3
This query is : Resolved
03 April 2008
we wants to make a payment exceed rs. 20000 for revenue expenditure, but according to section 40(A)3, we can not make payment exceed rs. 20000 otherwise account payee cheque/dd, in case that amount will be disallowed in income tax.
than how we can make payment exceed rs. 20000 and book these entry in books of account.
than how we can make payment exceed rs. 20000 and book these entry in books of account.
03 April 2008
if you are paying in excess of rs.20000/ in cash then it is disallowed expences in your case when there is book entry in which type book entry is pass that is important from the f y 2008-09 if payments are made more than rs 20000/ in a single day that are also disallowed which revenu expenditure are you made if you are bifurcate the same in different heads then it is below rs 20000/-
03 April 2008
then whether we can make payment to the same person for ecxeeding 20000 rs., by making entry in differnt days.
is it allowable expenditure?
is it allowable expenditure?
03 April 2008
Refer rule 6A of Itax
03 April 2008
Sorry Rule 6DD
03 April 2008
Merely passing the entry in two head is not sufficient. It depends on the invoice, if you have separate invoice for type of heads,than it is allowed whether you give 20000/- to a single person.The condition for disallowance is,payment of any single expenditure to a single person on a single day exceeds 20000/-.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
