section 40A(3)
This query is : Resolved
deepak kumar
(Querist)
01 April 2008
is payment more than 20000 in a single day against one bill at different times is disallowed for assesment year 2008-09
Reetika Goel
(Expert)
01 April 2008
Hello Deepak,
Under Section 40A(3), any expenditure will be disallowed only if both of the two conditions are satisfied:
1) Amount of single expenditure should exceeds Rs. 20000.
2) Single expenditure against which single payment is made, should exceed Rs. 20,000.
E.g. if Travelling expenses is incurred, then the amount of one bill should exceed Rs. 20000 and the corresponding payment should also exceed Rs. 20000.
Under Section 40A(3), any expenditure will be disallowed only if both of the two conditions are satisfied:
1) Amount of single expenditure should exceeds Rs. 20000.
2) Single expenditure against which single payment is made, should exceed Rs. 20,000.
E.g. if Travelling expenses is incurred, then the amount of one bill should exceed Rs. 20000 and the corresponding payment should also exceed Rs. 20000.
CA Praveen Chopra
(Expert)
02 April 2008
Take care now from this finance bill, a slight amendment made in section 40A(3) according to which if the payment against one expenditure to a single person in a single day exceeds Rs.20000, it is disallowed.For example, you have one expenditure invoice of Rs.40000, against which you make a payment of Rs.18000/- and 14000/- to a particular person at different times,it is purely disallowed.
If you have any doubt,pls feel free to ask again.
If you have any doubt,pls feel free to ask again.
CA. GOPAL SONIKA
(Expert)
02 April 2008
yes if it is against a single bill
CA. Kirti S. Ganatra
(Expert)
02 April 2008
Yes, NOw it is disallowed
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
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
