section 40A(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 September 2010
purchase bill of material Rs.75260/- dated 15.5.2009.
payment made in cash as follows
date : 20.5.2009 rs.18000/-
date : 15.06.2009 rs.17500/-
date : 17.6.2009 rs.17500/-
date : 27.6.2009 rs.15500/-
date : 30.6.2009 rs.6760/-
now query is whether it is disallowable u/s. 40A(3).
pl give expert opinion to solve our query
payment made in cash as follows
date : 20.5.2009 rs.18000/-
date : 15.06.2009 rs.17500/-
date : 17.6.2009 rs.17500/-
date : 27.6.2009 rs.15500/-
date : 30.6.2009 rs.6760/-
now query is whether it is disallowable u/s. 40A(3).
pl give expert opinion to solve our query
SANJAY TALATI
(Expert)
07 September 2010
Sec. 40A(3) provides that where an 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 a/c payee chq or a/c payee draft, excees Rs. 20,000/- no deduction shall be allowed in respect of such exp. As in your case the payment does not exceed the ceiling of Rs. 20,000/- in a day, the section is not attracted eventhough the agreegate payt against the single invoice exceeds Rs. 20,000/-.
CMA Ramesh Krishnan
(Expert)
07 September 2010
Sec,40A(3) not attracted in your transactions
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