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Cash Payment for vehicle insurance from Private Company

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FINANCE PROFESSIONAL
10 Points Posted on 17 June 2021
Whether Cash Payment to purchase vehicle insurance policy exceeding Rs 40000 is allowed under Income Tax Law ?
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On 17 June 2021 at 11:26 Report
Replies (4)
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4 Points Posted on 17 June 2021
Cash Disallowance Under Section 40A(3) will be attracted. Such expense will not be allowed.
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On 17 June 2021 at 11:41
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Chartered Accountant
24588 Points Posted on 17 June 2021
No it will be disallowed as cash payment exceeds 10000 rupees
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On 17 June 2021 at 12:21
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CMA
13117 Points Posted on 17 June 2021

It will be disallowed

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On 17 June 2021 at 14:42
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tax consultant
3306 Points Posted on 17 June 2021
You may still claim the expense.
because it is genuine bona fide expense
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On 17 June 2021 at 20:02

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