Section 40A (3) consequence in case of 100% exempted profits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2010
If a company claiming deduction u/s 80IC of the Income Tax Act, 1961 & thereafter its making payments for expenses in excess of20,000 i.e. violating the provisions of section 40A (3) of the Income Tax Act than what was the effect on the tax of the company.
since its income 100% exempted
since its income 100% exempted
24 December 2010
Amount disallowe u/s 40A(3) is taxable in all cases. 80IA deduction is not allowed.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2010
Not satisfied with the reply explain it with reasoning
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