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Sec 40(A)3

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Arunashree

Finance Manager

61 Points Posted on 10 February 2010

Hi,

1) If the cash is paid to any person as advance for expenses exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?

2) If the cash is paid to an employee as advance/loan exceeding Rs.20,000/- whether it attracts Sec. 40(A)3 ?

Please reply as soon as possible.

Wani

Replies (2)

CA Ayush Agarwal

Kolkata-Pune-Mumbai

16878 Points Posted on 10 February 2010

Dear Wani,

(1) Yes, It Attracts Section 40(A)3

(2) No, But It Attracts Section 269SS.

Regards,

Ayush Agrawal

ayushagrawal @ rediffmail.com

Amir

Learner

4898 Points Posted on 10 February 2010

Dear Wanishree,

1) Sec 40A(3) will be attracted in the year in which expenses are claimed...Like Advance given in 2008-09, but Expenses are booked in FY 2009-2010 then 40A(3) will apply in FY 2009-2010.

2) Friend Ayush is rite..........

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