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Section 40A (3) consequence in case of 100% exempted profits

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Querist : Anonymous

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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
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 December 2010 Amount disallowe u/s 40A(3) is taxable in all cases. 80IA deduction is not allowed.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 December 2010 Not satisfied with the reply explain it with reasoning
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