CFO
174 Points
Joined January 2010
hi sudheer,
as per sec 40(A)3 of income tax act if any paymnet is made in excess of rs. 20000/- to a single person in a single day against any expenditure then such expenditure is not allowed.... it means that we can't claim such amount as an expenses. but from 1st oct. 2009 this limit is Rs. 35000/- in case of payment for leasing, hiring and plying of goods carriage.
as per sec.269SS: Mode of taking or accepting certain loans & deposits from any other person if that amount or aggeregater of that amount exceed rs.20,000/- then that must be received in cheque or an account payee bank draft only..
as per sec.269T:-mode of repayment of loan or deposit:- the amount paid aggeregate payment exceeds rs.20,000/- then that payment must be in cheque or a/c payee bank draft only.....
for sec.269SS & 269T auditor has to give report on the same.....