Is payment for purchase material > 20000 in a day is allowed under section 40A(3) of IT act,1961.
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Regarding sec. 40a(3)
Replies (3)
Normally it will be disallowed u/s 40A(3)but there are certain exceptions too like purchase material is agri/forest/animal husbandry/cottage industry produce without aid of power etc. and many more exceptions are there depends upon situations too.
payment for material purchase to a single person in a day exceeding 20000 is disallowed u/s 40A(3)
Hi,
usally payment in excess of Rs.20000 will not be allowed as dedcution
usally payment in excess of Rs.20000 will not be allowed as dedcution
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