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Section 40A (3)

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(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
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
04 April 2008 NO SUCH PAYMENT SHALL NOT BE DISALLOWED
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Amit Sharma

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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.
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R.V.RAO

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R.V.RAO (Expert)
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
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