If payment made more than 20k????

Disallowed.. means that u cannot claim tat amount as an expense.

Originally posted by : Lalit Kumar
	Disallowed.. means that u cannot claim tat amount as an expense.

Yes, 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.

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.....

PLZ HELP ME........ITS CS-EXECUITIVE -COMPANEY LAW CASE STUDY

A DEMERGER SCHEME WAS APPROVED BY THE SHAREHOLDERS, SECURED AND UNSECURED CREDITORS, THE SCHEME WAS NEITHER IN VIOLATION OF ANY LAW NOR AGAINST PUBLIC INTEREST , HOWEVER AS 14 WAS NOT ADOPTED , WHETHER THE SCHEME CAN BE SANCTIONED?

HELP ME...............PLZ

Yes, 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 through a "SINGLE INVOICE" against any expenditure then such expenditure is not allowed....