A firm has business of selling 2 wheelers vehicles. It pays RTO tax in cash in excess of Rs.20000/- per day. Further, Partners withdraw cash in excess of Rs.20000/- per day. Whether 40A limit of Rs.20000/- is applicable for RTO tax and partner cash withdraw or not ?
Menu
Regarding Applicability of 40A
Replies (2)
RTO may come under exemption related to govt.
But limit is applicable to partner's
But limit is applicable to partner's
Section is 40(A) 3 .
It's a disallowed expenditure.
It's a disallowed expenditure.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
