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Payment to partner by cash
Whether payment to partner of a firm by cash more than Rs 10000 violates IT law.
Replies (10)
Quick Summary
For what...???
Under sec 40 a 3
It's for EXPENDITURE...
What Is Section 40A(3) of the Income Tax Act ?
This section restricts deduction of any expenditure exceeding Rs. 10,000/- if made to any single person on the same day. Thereby if a person wishes to claim deduction of any expenditure then he has to make payment in digitally prescribed mode only.
What Is Section 40A(3) of the Income Tax Act ?
This section restricts deduction of any expenditure exceeding Rs. 10,000/- if made to any single person on the same day. Thereby if a person wishes to claim deduction of any expenditure then he has to make payment in digitally prescribed mode only.
Then can a partner of a firm withdraw cash more than Rs 10000
Yes, If its not an account of any expenditures
OK thanks
You are welcome
It's not applicable in case of partners internal transfer.
Drawings from capital account are allowed in Cash
The provision sec 269 st is not applicable in case of any drawings.
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