IF TALK ABOUT SECTION 40A(3) disallowance on spending cash exceeding 10,000(earlier 20,000), was there any amendment in a year which stated that only 20% will be disallowed instead of 100% in case of such violation?
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DISALLOWANCE U/S 40A(3) INCOME TAX ACT
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Summary: There is no "20% disallowance" rule under Section 40A(3). If you violate the cash payment limit, the entire expenditure (100%) is disallowed as a tax deduction. The limit is generally ₹10,000 per person per day (₹35,000 for transporters).
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