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40A(3)

Archit Jain (Practicing CA) (93 Points)

06 February 2009  

 

This query is related to sec 40A(3). In the finance act 2008 this section was amended as- any payment made by the assesse in a single day to a party in cash in excess of Rs. 20000 will be disallowed. Further it stated that even if the payment in aggregate is in excess to a party although made by different vouchers it too is disallowed.
 My question is the date from which it will come into effect- is it the financial year 09-10 or the assessment year 09-10

 3 Replies

Abhinav Agarwal (M.Com C.A SAP Consultant)   (814 Points)
Replied 06 February 2009

applicable from 1 April 2008 i.e F.Y 2008-09

CA. Ashok shah (CHARTERED ACCOUNTANT) (333 Points)
Replied 06 February 2009

Yes, it is applicable from Assessment Year 2009-10. i.e. FY 2008-09. In the Income Tax Act, whenever you say it is applicable from 1St April, ------, It means it is applicable from the Assessment Year commencing from that date.

Kiran Kumar V (C.A. Final) (181 Points)
Replied 06 February 2009

 It is applicable from the April 1st 2008


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