Section 40A(3)
This query is : Resolved
P.Senthilraja
(Querist)
02 March 2011
will attract 40A(3)if a person deposits cash Rs.500000/- directly to his sellers bank account ? is there any rule for the following circumstances,
1. Direct cash deposit to party Bank Account
2. Internet fund transfer like NEFT/RTGS etc
3. Fund transfer via ECS
1. Direct cash deposit to party Bank Account
2. Internet fund transfer like NEFT/RTGS etc
3. Fund transfer via ECS
03 March 2011
Deposit of Rs 500000 in sellers bank account by way of cash will attract provisions of section 40A(3) as the same is not covered under rule 6DD. However transfers like NEFT/RTGS/ECS will not attract 40A(3) as they can not be regarded as cash payments.
P.Senthilraja
(Querist)
03 March 2011
Thank you very much sir
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