Section 40 a(3) cash payment more than 20000/-
This query is : Resolved
hiren gala
(Querist)
05 June 2012
A COMPANY PAYING RS. 35000/- TO 8 DIFFERENT WORKERS OF CONTRACTOR IN CASH BOOK CONTRACTORS ACCOUNT IS DEBITED. THE COMPANY'S CLAIM IS THAT AMOUNT IS NOT PAID TO CONTRACTOR BUT TO THEIR WORKERS SO NO DISALLOWED IS POSSIBLE UNDER INCOME TAX ACT
PLZ GUIDE ME & REPLY AS EARLY AS POSSIBLE
PLZ GUIDE ME & REPLY AS EARLY AS POSSIBLE
Amol S Joglekar
(Expert)
05 June 2012
subject to exceptions given in Rule 6DD, this is a clear violation of 40(a)(3). The payment made to WORKERS is on behalf of CONTRACTOR. (Debited to contractor's account and not each and every worker's account)
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