Hi,
I have a query regarding cash payment made to partners more than 20,000 in a single day, whether it will be disallowed as per section 40a3 of IT. Kindly clarify.
Regards,
Meyyappan.S
Hi,
I have a query regarding cash payment made to partners more than 20,000 in a single day, whether it will be disallowed as per section 40a3 of IT. Kindly clarify.
Regards,
Meyyappan.S
If such payments are towards any expenditure of the firm, then these will be disallowed.
| Originally posted by : Poornima Madhava | ||
 |
If such payments are towards any expenditure of the firm, then these will be disallowed. |  |
No its not towards expenditure of the firm its to the partners only (kind of drawings)
If drawings, then no disallowance
R P S K & Associates
Nashik
CA Inter
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