banner_ad

U/S 40A(3) OF THE INCOME TAX ACT

This query is : Resolved 
Profile Image

Profile Image

(Querist)
11 March 2008 IN THE FINANCE BILL 2008 PAYMENTS ARE MADE
IN EXCESS OF RS,20000/- ARE TAXABLE IN THE
HANDS OF ASSESSE
WHETHER I PURCHASE GOODS IN CASH IN A SINGLE DAY LESS THAN 20000/- BUT TOTAL PURCHASE IS RS 75000/-THAT IS FOUR BILLS
WHETER THE ABOVE PURCHASE IS TAXABLE IN THE ABOVE SECTION
Profile Image

S.Srinivasaraghavan

Profile Image

S.Srinivasaraghavan (Expert)
11 March 2008 If each transaction of cash purchase less than rs 20000 is complete in itself, then this will not be caught within the new provision.
Profile Image

CA Praveen Chopra

Profile Image

CA Praveen Chopra (Expert)
11 March 2008 Take Care if the purchase of 75000/- is made from one person,than it attracts sec 40A(3) under new provision even if it is made against four invoices
Profile Image

CA. GOPAL SONIKA

Profile Image

CA. GOPAL SONIKA (Expert)
11 March 2008 Mr Praveen is correct
Profile Image

CA Saurabh Maheshwari

Profile Image

CA Saurabh Maheshwari (Expert)
12 March 2008 AS PER NEW PROVISION EVEN IF THE PAYMENT IS IN EXCESS OF RS.20000/- AGAINST MORE THAN ONE BILL THAN 40A(3) SHALL APPLY
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 April 2026
Chartered Accountant

Source HR

Mumbai

CA

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
02 May 2026
Experience Audit Manager

AGGARWAL SAMIR & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details