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disallowances of transit insurance expenses exceed 10000 rs
I want to know that if I made a payment to New india assurance for transit insurance for an amount exceeding 10000 rs in Cash .is this expenses is disallowed under section 40 (3A) of income tax
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Expenses paid in cash more than 10000 is disallowed whether paid to the insurance company or other traders
it would be added back to your income
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