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 ?
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Regarding Applicability of 40A
Replies (2)
Quick Summary
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.
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