Sir
If a partner in the firm pays to labour from is savings account for the work done in the firm can that amount paid can be claimed as expenditure by the firm
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40A(3)
Replies (2)
yes, if it is paid upto rs 10,000 to a person in a day in cash or through electronic clearing system or through a/c payee cheque / a/c payee demand draft
Yes that can be claimed as business expenditure. Since the amount will be paid through bank so monetary limit for payment.
The payment of the expenditure shall be routed through partners capital account.
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