Section 40A (3)
This query is : Resolved
Sheetal Metha
(Querist)
04 April 2008
Plz guide me on this topic.
If Pvt. Ltd. Co. has made payment towards Rent of office premises Rs.4000/- p.m. the aggregate amount for the year Rs.48000/- will be disallowed under section 40A(3) of the Act.
Payment made in inst. Rs.16000/- p.m. in 3 months
If Pvt. Ltd. Co. has made payment towards Rent of office premises Rs.4000/- p.m. the aggregate amount for the year Rs.48000/- will be disallowed under section 40A(3) of the Act.
Payment made in inst. Rs.16000/- p.m. in 3 months
04 April 2008
NO SUCH PAYMENT SHALL NOT BE DISALLOWED
Amit Sharma
(Expert)
04 April 2008
Dear Mam,
Such expenses will not be disallowed as section 40A(3) clearly states that a invoice will be only disallowed when the payment of one bill exceeds 20,000.
Hope you are clear now.
Such expenses will not be disallowed as section 40A(3) clearly states that a invoice will be only disallowed when the payment of one bill exceeds 20,000.
Hope you are clear now.
04 April 2008
UNDER SEC 40A(3),CASH PAYMENTS ON A SINGLE DAY FOR A SINGLE TRANSACTION IN EXCESS OF RS. 20000 WILL ONLY BE DISALLOWED.
SUCH EXP. SHOULD ALSO BE CLAIMED UNDER SEC 30 TO 37 OF INCOME TAX ACT.
FOR EXAMPLE IF A DONATION IN CASH IS NOT DISALLOWABLE(SINCE THIS IS NOT UNDER SEC 30 TO 37).
R.V.RAO
SUCH EXP. SHOULD ALSO BE CLAIMED UNDER SEC 30 TO 37 OF INCOME TAX ACT.
FOR EXAMPLE IF A DONATION IN CASH IS NOT DISALLOWABLE(SINCE THIS IS NOT UNDER SEC 30 TO 37).
R.V.RAO
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