section 40 A(3) want details

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Tushar

Tushar (Querist)
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19 December 2009 Dear Sir,

please give me a details of section 40A(3)

CA Balram Sharma

CA Balram Sharma (Expert)
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19 December 2009 if you paid expense in cash more than rs 20000 for a person in a sigle day,

sectiion will attract

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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19 December 2009 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.

- Sec. 40A(3)

CA Balram Sharma

CA Balram Sharma (Expert)
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19 December 2009 expesse will not allowed as dedution

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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19 December 2009 simple no cash transation in a day to one party for rs.20000/- if done amount will be disallowed

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 December 2009 Sec.40A(3) Will attract if the Payment made more than Rs.20000/- by cash or other than account Payee followig points are also to be considered
1.even payment made to one party in a single day more thanr one time ( agregate value more than Rs.20000/- sec.40A(3) will attract

but you are making a payment for two or more bills this section will not attarct unless the single bill exceeds Rs.20000/-

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