Cash Payment for vehicle insurance from Private Company

Pankaj Misra (FINANCE PROFESSIONAL) (10 Points)

17 June 2021

Whether Cash Payment to purchase vehicle insurance policy exceeding Rs 40000 is allowed under Income Tax Law ?

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4 Replies

Chirag Goyal (4 Points)
Replied 17 June 2021

Cash Disallowance Under Section 40A(3) will be attracted. Such expense will not be allowed.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 17 June 2021

No it will be disallowed as cash payment exceeds 10000 rupees

CMA Poornima Madhava (CMA) (13097 Points)
Replied 17 June 2021

It will be disallowed

veerendar singh (tax consultant) (3301 Points)
Replied 17 June 2021

You may still claim the expense.
because it is genuine bona fide expense

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