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Payment to partner by cash

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PARTNER
173 Points Posted on 10 September 2023
Whether payment to partner of a firm by cash more than Rs 10000 violates IT law.
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On 10 September 2023 at 13:14 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 10 September 2023
For what...???
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On 10 September 2023 at 13:25
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PARTNER
173 Points Posted on 10 September 2023
Under sec 40 a 3
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On 10 September 2023 at 14:23
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"Do the Right Thing...!!!"
128152 Points Posted on 10 September 2023
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.
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On 10 September 2023 at 14:28
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PARTNER
173 Points Posted on 10 September 2023
Then can a partner of a firm withdraw cash more than Rs 10000
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On 10 September 2023 at 14:31
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"Do the Right Thing...!!!"
128152 Points Posted on 10 September 2023
Yes, If its not an account of any expenditures
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On 10 September 2023 at 14:35
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PARTNER
173 Points Posted on 10 September 2023
OK thanks
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On 10 September 2023 at 14:45
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"Do the Right Thing...!!!"
128152 Points Posted on 10 September 2023

You are welcome 

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On 10 September 2023 at 14:49
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Profession Business
28207 Points Posted on 10 September 2023
It's not applicable in case of partners internal transfer.
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On 10 September 2023 at 18:46
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Articles Assistant
52 Points Posted on 11 September 2023
Drawings from capital account are allowed in Cash
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On 11 September 2023 at 09:25
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Profession Business
28207 Points Posted on 15 September 2023
The provision sec 269 st is not applicable in case of any drawings.
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On 15 September 2023 at 08:29


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