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Cash Payment for vehicle insurance from Private Company
Whether Cash Payment to purchase vehicle insurance policy exceeding Rs 40000 is allowed under Income Tax Law ?
Replies (4)
Cash Disallowance Under Section 40A(3) will be attracted. Such expense will not be allowed.
No it will be disallowed as cash payment exceeds 10000 rupees
It will be disallowed
You may still claim the expense.
because it is genuine bona fide expense
because it is genuine bona fide expense
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